Annual report
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________ FORM 10-K ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File No. 814-00663 __________________________________________________________________________ ARES CAPITAL CORPORATION (Exact name of registrant as specified in its charter) Maryland 33-1089684 (State or other jurisdiction ofincorporation or organization) (I.R.S. EmployerIdentification No.) 245 Park Avenue, 44th Floor, New York, New York 10167 (Address of principal executive offices) (Zip Code) (212) 750-7300 (Registrant’s telephone number, including area code) ____________________________________________________________________________ Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common Stock, par value $0.001 per share ARCC The NASDAQ Global Select Market Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ý No o Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No ý Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ý No o Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section §232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act: Large accelerated filer ý Accelerated filer o Non-accelerated filer o Smaller reporting company o Emerging Growth Company o If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes ý No o If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). o Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý The aggregate market value of the voting stock held by non-affiliates of the registrant on June 30, 2025, based on the closing price on that date of $21.96 on The NASDAQ Global Select Market, was approximately $15,415,428,367. As of January 29, 2026, there were 718,022,845 shares of the registrant’s common stock outstanding. Portions of the registrant’s Proxy Statement for its 2026 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference into Part III of this Form 10-K.
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ARES CAPITAL CORPORATION TABLE OF CONTENTS Part I. Item 1. Business 3 Item 1A. Risk Factors 25 Item 1B. Unresolved Staff Comments 56 Item 1C. Cybersecurity 56 Item 2. Properties 57 Item 3. Legal Proceedings 57 Item 4. Mine Safety Disclosures 57 Part II. Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 58 Item 6. [Reserved] 69 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 70 Item 7A. Quantitative and Qualitative Disclosures about Market Risk 101 Item 8. Financial Statements and Supplementary Data 103 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 103 Item 9A. Controls and Procedures 104 Item 9B. Other Information 104 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 104 Part III. Item 10. Directors, Executive Officers and Corporate Governance 105 Item 11. Executive Compensation 105 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 105 Item 13. Certain Relationships and Related Transactions, and Director Independence 105 Item 14. Principal Accountant Fees and Services 105 Part IV. Item 15. Exhibits and Financial Statement Schedules 106 Item 16. Form 10-K Summary 114 Signatures 2
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PART I Item 1. Business GENERAL Ares Capital Corporation Ares Capital Corporation, a Maryland corporation (together with its subsidiaries, where applicable, “Ares Capital” or the “Company,” which may also be referred to as “we,” “us” or “our”), is a specialty finance company that is a closed-end, non-diversified management investment company. We have elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder, the “Investment Company Act.” We were founded on April 16, 2004, were initially funded on June 23, 2004 and completed our initial public offering (“IPO”) on October 8, 2004. As of December 31, 2025, we were the largest publicly traded BDC by market capitalization and had approximately $31.2 billion of total assets. We are externally managed by Ares Capital Management LLC (“Ares Capital Management” or our “investment adviser”), a subsidiary of Ares Management Corporation (“Ares Management” or “Ares”), a publicly traded, leading global alternative investment manager, pursuant to our investment advisory and management agreement. Ares Operations LLC (“Ares Operations” or our “administrator”), a subsidiary of Ares Management, provides certain administrative and other services necessary for us to operate. Our investment objective is to generate both current income and capital appreciation through debt and equity investments. We invest primarily in U.S. middle-market companies, where we believe the supply of primary capital is limited and the investment opportunities are most attractive. However, we may from time to time invest in larger or smaller companies. We generally use the term “middle-market” to refer to companies with annual EBITDA between $10 million and $250 million. As used herein, EBITDA represents net income before net interest expense, income tax expense, depreciation and amortization. We invest primarily in first lien senior secured loans (including “unitranche” loans, which are loans that combine both senior and subordinated loans, generally in a first lien position), and second lien senior secured loans. In addition to senior secured loans, we also invest in subordinated debt (sometimes referred to as mezzanine debt), which in some cases includes an equity component, and preferred equity. First and second lien senior secured loans generally are senior debt instruments that rank ahead of subordinated debt of a given portfolio company. Subordinated debt and preferred equity are subordinated to senior loans and are generally unsecured. Our investments in corporate borrowers generally range between $30 million and $500 million each. However, the investment sizes may be more or less than these ranges and may vary based on, among other things, our capital availability, the composition of our portfolio and general micro- and macro-economic factors. To a lesser extent, we also make common equity investments, which have generally been non-control equity investments of less than $20 million (usually in conjunction with a concurrent debt investment). However, we may increase the size or change the nature of these investments. The proportion of these types of investments will change over time given our views on, among other things, the economic and credit environment in which we are operating. In pursuit of our investment objective, we generally seek to self-originate investments and lead the investment process. The instruments in which we invest typically are not rated by any rating agency, but we believe that if such instruments were rated, they would be below investment grade (rated lower than “Baa3” by Moody’s Investors Service, lower than “BBB-” by Fitch Ratings or lower than “BBB-” by Standard & Poor’s Ratings Services), which, under the guidelines established by these entities, is an indication of having predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. Bonds that are rated below investment grade are sometimes referred to as “high yield bonds” or “junk bonds.” We may invest without limit in debt or other securities of any rating, as well as debt or other securities that have not been rated by any nationally recognized statistical rating organization. We believe that our investment adviser, Ares Capital Management, is able to leverage the current investment platform, resources and existing relationships of Ares Management with financial sponsors, financial institutions, hedge funds and other investment firms to provide us with attractive investment opportunities. For purposes of this document, we refer to Ares Management and its affiliated companies (other than portfolio companies of its affiliated funds) as “Ares” and to funds or other investment vehicles managed by Ares or its affiliated companies, including our investment adviser, as “Ares funds.” In addition to deal flow, the Ares investment platform assists our investment adviser in analyzing, structuring and monitoring investments. 3
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Ares has been in existence for over 25 years and its partners have an average of approximately 25 years of investment experience in managing, advising, underwriting and restructuring companies. We have access to Ares’ investment professionals and operations management professionals, who provide assistance in accounting, finance, legal, compliance, operations, information technology, human resources and investor relations. As of December 31, 2025, Ares had over 1,650 investment professionals and over 2,550 operations management professionals. While our primary focus is to generate current income and capital appreciation through investments in first and second lien senior secured loans, subordinated debt and preferred equity and, to a lesser extent, equity securities of eligible portfolio companies, we also may invest up to 30% of our portfolio in non ‑ qualifying assets, as permitted by the Investment Company Act. Specifically, as part of this 30% basket, we may invest in entities that are not considered “eligible portfolio companies” (as defined in the Investment Company Act), including companies located outside of the United States, entities that are operating pursuant to certain exceptions under the Investment Company Act, and publicly traded entities whose public equity market capitalization exceeds the levels provided for under the Investment Company Act. Ares Management Corporation Ares is a publicly traded, leading global alternative investment manager. As of December 31, 2025, Ares had over 4,250 employees in over 55 offices in more than 25 countries. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns through market cycles. Ares believes each of its distinct but complementary investment groups in credit, real assets, private equity and secondaries is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of Ares’ broader platform. Ares Capital Management LLC Ares Capital Management, our investment adviser, is served by origination, investment and portfolio management and valuation teams of approximately 230 U.S.-based investment professionals as of December 31, 2025 and led by certain partners of the Ares Credit Group: Mitchell Goldstein and Michael Smith. Ares Capital Management leverages off of Ares’ investment platform and benefits from the significant capital markets, trading and research expertise of Ares’ investment professionals. Ares Capital Management’s U.S. direct lending investment committee has 12 members primarily comprised of certain of the U.S.-based partners of the Ares Credit Group. MARKET OPPORTUNITY We believe that current market conditions present attractive opportunities for us to invest in middle-market companies, specifically: • We believe that many commercial and investment banks have de-emphasized their service and product offerings to middle-market businesses in favor of lending to large corporate clients and managing capital markets transactions. In addition, these lenders may be constrained in their ability to underwrite and hold bank loans and high yield securities for middle-market issuers as they seek to meet existing and future regulatory capital requirements. These factors may result in opportunities for alternative funding sources to middle-market companies and therefore more new-issue market opportunities for us. • We believe the disruption and volatility that occurs periodically in the credit markets reduces capital available to certain capital providers, causing a reduction in competition. Furthermore, in our view, the stable capital solutions provided by direct lenders is increasingly valuable and, as a result, widens the market opportunity for direct lending. • We believe that there is a lack of market participants that are willing to hold meaningful amounts of certain middle-market loans, (especially commercial investment banks). As a result, we believe our ability to minimize syndication risk for a company seeking financing by being able to hold our loans without having to syndicate or sell them is a competitive advantage. • We believe that middle-market companies have faced difficulty in raising debt through the capital markets. This approach to financing may become more difficult to the extent institutional investors seek to invest in larger, more liquid offerings, leaving less competition and fewer financing alternatives for middle-market companies. 4
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• We believe there is a large pool of un-invested private equity capital for middle-market businesses. We expect private equity firms will seek to leverage their investments by combining equity capital with senior secured loans and subordinated debt from other sources such as us. • We believe the middle-market represents a significant portion of the overall economy, and exhibits healthy demand for capital. In addition, due to the fragmented nature of the middle-market and the lack of publicly available information, we believe direct lenders have an opportunity to originate and underwrite investments with more favorable terms, including stronger covenant and reporting packages, as well as better call protection and change of control provisions as compared to the large, broadly syndicated loan market. COMPETITIVE ADVANTAGES We believe that we have the following competitive advantages over other capital providers to middle-market companies: The Ares Platform Ares operates integrated groups across credit, real assets, private equity and secondaries. We believe our affiliation with Ares provides a distinct competitive advantage through Ares’ originations, due diligence and marketing activities. In particular, we believe that the Ares platform provides us with an advantage through its deal flow generation and investment evaluation process. Ares’ asset management platform also provides additional market information, company knowledge and industry insight that benefit our investment and due diligence process. Ares’ professionals maintain extensive financial sponsor and intermediary relationships, which provide valuable insight and access to transactions and information. Seasoned Investment Team The investment professionals in the Ares Credit Group and members of our investment adviser’s U.S. direct lending investment committee have significant experience investing across market cycles. This experience provides us with a competitive advantage in identifying, originating, investing in and managing a portfolio of investments in middle-market companies. Broad Origination Strategy We focus on self-originating most of our investments by pursuing a broad array of investment opportunities in middle-market companies. We also leverage off of the extensive relationships of the broader Ares platform, including relationships with the portfolio companies in the IHAM Vehicles (as defined below), to identify investment opportunities. Additionally, our size and scale provide the opportunity to source attractive investments in some of our existing portfolio companies. Collectively, we believe these advantages allow for enhanced asset selectivity as we believe there is a significant relationship between proprietary deal origination and credit performance. We believe that our focus on generating proprietary deal flow and lead investing also gives us greater control over capital structure, deal terms, pricing and documentation and enables us to actively manage our portfolio investments. Moreover, by leading the investment process, we are often able to secure controlling positions in credit tranches, thereby providing additional control in investment outcomes. We also have originated substantial proprietary deal flow from middle-market intermediaries, which often allows us to act as the sole or principal source of institutional capital to the borrower. Scale and Flexible Transaction Structuring We believe that being one of the largest BDCs makes us a more desirable and flexible capital provider, especially in competitive markets. We are flexible with the types of investments we make and the terms associated with those investments. We believe this approach and experience enables our investment adviser to identify attractive investment opportunities throughout economic cycles and across a company’s capital structure so we can make investments consistent with our stated investment objective and preserve principal while seeking appropriate risk adjusted returns. In addition, we have the flexibility to provide “one stop” financing with the ability to invest capital across the balance sheet and syndicate and hold larger investments than many of our competitors. We believe that the ability to underwrite, syndicate and hold larger investments benefits our stockholders by (a) potentially increasing net income and earnings through leadership of the investment process and making commitments in excess of our final investment, (b) increasing originated deal flow flexibility, (c) broadening market relationships and deal flow, (d) allowing us to optimize our portfolio composition and (e) allowing us to provide capital to a broader spectrum of middle-market companies, which we believe currently have limited access to capital from traditional 5
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lending sources. In addition, we believe that the ability to provide capital at every level of the balance sheet provides a strong value proposition to middle-market borrowers, which supports meaningful deal sourcing and relative value analysis capabilities. Experience with and Focus on Middle-Market Companies Ares has historically focused on investments in middle-market companies and we benefit from this experience. In sourcing and analyzing deals, our investment adviser benefits from Ares’ extensive network of relationships focused on middle-market companies, including management teams, members of the investment banking community, private equity groups and other investment firms with whom Ares has had long-term relationships. We believe this network enables us to identify well-positioned prospective portfolio company investments. The Ares Credit Group works closely with Ares’ other investment professionals. As of December 31, 2025, Ares oversaw a portfolio of investments in over 2,150 companies, over 1,900 alternative credit investments and over 1,300 properties, over 90 infrastructure assets and over 1,000 limited partnership interests in investment funds across over 55 industries, which provides access to an extensive network of relationships and insights into industry trends and the state of the capital markets. Disciplined Investment Philosophy In making its investment decisions, our investment adviser has adopted Ares’ long-standing, consistent, credit-based investment approach that was developed over 25 years ago by its founders. Specifically, our investment adviser’s investment philosophy, portfolio construction and portfolio management involve an assessment of the overall macroeconomic environment and financial markets and company- specific research and analysis. Its investment approach emphasizes capital preservation, low volatility and minimization of downside risk. In addition to engaging in extensive due diligence from the perspective of a long-term investor, our investment adviser’s approach seeks to reduce risk in investments by focusing on: • businesses with strong franchises and sustainable competitive advantages; • industries with positive long-term dynamics; • businesses and industries with cash flows that are dependable and predictable; • management teams with demonstrated track records and appropriate economic incentives; • rates of return commensurate with the perceived risks; • securities or investments that are structured with appropriate terms and covenants; and • businesses backed by experienced private equity sponsors. Extensive Industry Focus We seek to concentrate our investing activities in industries with a history of predictable and dependable cash flows and in which the Ares investment professionals have had extensive investment experience. Ares investment professionals have developed long-term relationships with management teams and management consultants in over 55 industries, and have accumulated substantial information and identified potential trends within these industries. In turn, we benefit from these relationships, information and identification of potential trends in making investments. OPERATING AND REGULATORY STRUCTURE Our investment activities are managed by our investment adviser and supervised by our board of directors, a majority of whom are independent of Ares and its affiliates. Our investment adviser is registered under the Investment Advisers Act of 1940, or the “Advisers Act.” Under our Second Amended and Restated Investment Advisory and Management Agreement with Ares Capital Management, referred to herein as our “investment advisory and management agreement,” we have agreed to pay our investment adviser a base management fee based on our total assets, as defined under the Investment Company Act (other than cash and cash equivalents, but including assets purchased with borrowed funds) (“base management fee”), a fee based on our net investment income (“income based fee”) and a fee based on our net capital gains (“capital gains incentive fee”). See “Investment Advisory and Management Agreement.” Ares Operations provides us with certain administrative and other services necessary for us to operate pursuant to an Amended and Restated Administration Agreement, referred to herein as our “administration agreement.” See “Administration Agreement.” 6
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We have elected to be regulated as a BDC under the Investment Company Act and have elected to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). As with other companies regulated by the Investment Company Act, we are required to comply with certain substantive regulatory requirements. For example, we are generally not permitted to invest in any portfolio company in which a fund managed by Ares or any of its downstream affiliates (other than us and our downstream affiliates) is also investing. We, our investment adviser and certain of our affiliates have received an order from the Securities and Exchange Commission (the “SEC”) that permits us and other BDCs and registered closed-end management investment companies managed by Ares to co-invest in portfolio companies with each other and with other affiliated entities (the “Co-Investment Exemptive Order”). As required by the Co-Investment Exemptive Order, we have adopted, and our board of directors has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Co-Investment Exemptive Order. Co-investments made under the Co-Investment Exemptive Order are subject to compliance with certain conditions and other requirements, which could limit our ability to participate in co-investment transactions. As a result of investments permitted by the Co-Investment Exemptive Order, there could be significant overlap in our investment portfolio and the investment portfolios of affiliated Ares entities that can rely on the Co-Investment Exemptive Order and that have an investment objective similar to ours. We may also otherwise co-invest with funds managed by Ares or any of its downstream affiliates, subject to compliance with existing regulatory guidance, applicable regulations and our investment adviser’s allocation policy. Also, while we may borrow funds to make investments, our ability to use debt is limited in certain significant aspects. See “Regulation.” In particular, because we obtained the required approvals under Section 61(a)(2) of the Investment Company Act, we must have at least 150% asset coverage calculated pursuant to the Investment Company Act in order to incur debt or issue preferred stock (which we refer to collectively as “senior securities”) (i.e., we are able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us). See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Financial Condition, Liquidity and Capital Resources.” As of December 31, 2025, our asset coverage was 189%. In addition, as a consequence of our being a RIC under the Code, for U.S. federal income tax purposes, our asset growth is dependent on our ability to raise equity capital through the issuance of common stock. RICs generally must distribute substantially all of their investment company taxable income (as defined under the Code) to stockholders as dividends in order to preserve their status as a RIC and not to be subject to additional U.S. federal corporate-level income taxes. This requirement, in turn, generally prevents us from using our earnings to support our operations, including making new investments. INVESTMENTS Ares Capital Corporation Portfolio We have built an investment portfolio of primarily first and second lien senior secured loans, subordinated debt, preferred equity and, to a lesser extent, common equity investments in private middle-market companies. Our portfolio is well diversified by industry sector and its concentration to any single issuer is limited. Our debt investments in corporate borrowers generally range between $30 million and $500 million each. However, the sizes of our investments may be more or less than these ranges and may vary based on, among other things, our capital availability, the composition of our portfolio and general micro- and macro-economic factors. Our common equity investments have generally been non-control equity investments of less than $20 million (usually in conjunction with a concurrent debt investment). However, we may increase the size or change the nature of these investments. The proportion of these types of investments will change over time given our views on, among other things, the economic and credit environment in which we are operating. In pursuit of our investment objective, we generally seek to self-originate investments and lead the investment process, which may result in us making commitments with respect to indebtedness or securities of a potential portfolio company in excess of our expected final hold size. In such situations, while we may initially agree to fund up to a certain dollar amount of an investment, we may subsequently syndicate or sell a portion of such amount (including, without limitation, to our wholly owned portfolio company, IHAM (as defined below), or to the IHAM Vehicles (as defined below), such that we are left with a smaller investment than what was reflected in our original commitment. In addition to originating investments, we may also acquire investments in the secondary market (including purchases of a portfolio of investments). 7
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We make senior secured loans primarily in the form of first lien loans (including “unitranche” loans, which are loans that combine both senior and subordinated loans, generally in a first lien position) and second lien loans. Our senior secured loans generally have terms of three to 10 years and our subordinated debt investments generally have a term of up to 10 years. However, we may invest in loans and securities with any maturity or duration. In connection with our senior secured loans, we generally receive a security interest in certain of the assets of the borrower and consequently such assets serve as collateral in support of the repayment of such senior secured loans. Senior secured loans are generally exposed to the least amount of credit risk because they typically hold a senior position with respect to scheduled interest and principal payments and security interests in assets of the borrower. In connection with our senior secured loans, we may be provided opportunities to invest in equity interests of the borrower, typically in the form of an equity co-investment. However, unlike subordinated debt, senior secured loans typically do not receive any stock, warrants to purchase stock or other yield enhancements. Senior secured loans may include both revolving lines of credit and term loans. Structurally, subordinated debt usually ranks junior in priority of payment to senior secured loans and is often unsecured. However, subordinated debt ranks senior to preferred and common equity in a borrower’s capital structure. Subordinated debt investments generally offer lenders fixed returns in the form of interest payments and will often provide lenders an opportunity to participate in the capital appreciation of a borrower, if any, through an equity interest. This equity interest typically takes the form of preferred equity, an equity co-investment and/or warrants. The preferred equity, equity co-investment and warrants (if any) associated with a subordinated debt investment typically allow lenders to receive repayment of their debt principal on an agreed upon amortization schedule or at maturity while retaining their equity interest in the borrower. In making an equity investment, in addition to considering the factors discussed under “—Investment Selection” below, we also consider the anticipated timing of a liquidity event, such as a public offering, sale of the company or redemption of our equity securities. While our primary focus is to generate current income and capital appreciation through debt and equity investments in eligible portfolio companies, we also may invest up to 30% of our portfolio in non-qualifying assets, as permitted by the Investment Company Act. See “— Regulation.” Specifically, as part of this 30% basket, we may invest in entities that are not considered “eligible portfolio companies” (as defined in the Investment Company Act), including companies located outside of the United States, entities that are operating pursuant to certain exceptions under the Investment Company Act, and publicly traded entities whose public equity market capitalization exceeds the levels provided for under the Investment Company Act. Ivy Hill Asset Management, L.P. As of December 31, 2025, our wholly owned portfolio company, Ivy Hill Asset Management, L.P. (“IHAM”), an asset manager and an SEC-registered investment adviser, managed 23 vehicles (such vehicles are collectively referred to as the “IHAM Vehicles”). As of December 31, 2025, IHAM had assets under management of approximately $14.6 billion. As of December 31, 2025, the amortized cost and fair value of our investment in IHAM was approximately $2.2 billion and $2.4 billion, respectively. In connection with IHAM’s registration as a registered investment adviser, on March 30, 2012, we received exemptive relief from the SEC allowing us to, subject to certain conditions, own directly or indirectly up to 100% of IHAM’s outstanding equity interests and make additional investments in IHAM. From time to time, IHAM or certain IHAM Vehicles may purchase investments from us or sell investments to us, in each case for a price equal to the fair market value of such investments determined at the time of such transactions. For more information on IHAM, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations —Portfolio and Investment Activity—Ivy Hill Asset Management, L.P.” and Note 4 to our consolidated financial statements for the year ended December 31, 2025. 8
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Senior Direct Lending Program We have established a joint venture with Varagon Capital Partners (“Varagon”) to make certain first lien senior secured loans, including certain stretch senior and unitranche loans, primarily to U.S. middle-market companies. The joint venture is called the Senior Direct Lending Program, LLC (d/b/a the “Senior Direct Lending Program” or the “SDLP”). In July 2016, we and Varagon and its clients completed the initial funding of the SDLP. We, and other BDCs, registered closed-end management investment companies and other affiliated investment entities managed by our investment adviser or its affiliates, may directly co ‑ invest with the SDLP in accordance with the terms of the Co-Investment Exemptive Order. The SDLP is capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the SDLP, including co-investment transactions made by the SDLP in accordance with the terms of the Co-Investment Exemptive Order, must be approved by an investment committee of the SDLP consisting of representatives of ours and Varagon (with approval from a representative of each required). We provide capital to the SDLP in the form of subordinated certificates (the “SDLP Certificates”), and Varagon and its clients provide capital to the SDLP in the form of senior notes, intermediate funding notes and the SDLP Certificates. As of December 31, 2025, we and a client of Varagon owned 87.5% and 12.5%, respectively, of the outstanding SDLP Certificates. The SDLP Certificates pay a coupon equal to Secured Overnight Financing Rate (“SOFR”) plus a stated spread and also entitle the holders thereof to receive a portion of the excess cash flow from the loan portfolio, which may result in a return to the holders of the SDLP Certificates that is greater than the stated coupon. The SDLP Certificates are junior in right of payment to the senior notes and intermediate funding notes. As of December 31, 2025, we and Varagon and its clients had agreed to make capital available to the SDLP of $6.2 billion in the aggregate, of which $1.4 billion is to be made available from us. We will continue to provide capital to the SDLP in the form of the SDLP Certificates, and Varagon and its clients will provide capital to the SDLP in the form of senior notes, intermediate funding notes and the SDLP Certificates. This capital will only be committed to the SDLP upon approval of transactions by the investment committee of the SDLP as discussed above. For more information on the SDLP, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Portfolio and Investment Activity—Senior Direct Lending Program” and Note 4 to our consolidated financial statements for the year ended December 31, 2025. Industrial and Geographic Compositions We generally seek to invest in companies in the industries in which Ares’ investment professionals have direct expertise. The industries in the table listed below are where we have focused our investment activities; however, we may invest in other industries if we are presented with attractive opportunities. The industrial and geographic compositions of our portfolio at fair value as of December 31, 2025 were as follows: 9
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As of December 31, 2025 Industry Software and Services 23.8 % Financial Services(1) 12.4 Health Care Equipment and Services 11.3 Commercial and Professional Services 9.4 Consumer Services 5.6 Insurance 5.2 Consumer Distribution and Retail 4.8 Capital Goods 4.6 Sports, Media and Entertainment 4.0 Investment Funds and Vehicles(2) 3.9 Pharmaceuticals, Biotechnology and Life Sciences 2.7 Materials 2.2 Independent Power and Renewable Electricity Producers 2.2 Consumer Durables and Apparel 2.0 Household and Personal Products 1.4 Other 4.5 Total 100.0 % _______________________________________________________________________________ (1) Includes our investment in IHAM. (2) Includes our investment in the SDLP, which had made first lien senior secured loans to 39 different borrowers as of December 31, 2025. The portfolio companies in the SDLP are in industries similar to the companies in our portfolio. As of December 31, 2025 Geographic Region Midwest 22.9 % West(1) 20.3 Southeast 18.8 Mid-Atlantic 16.3 Northeast(2) 15.1 International 6.6 Total 100.0 % _______________________________________________________________________________ (1) Includes our investment in the SDLP, which represented 3.8% of the total investment portfolio at fair value as of December 31, 2025. (2) Includes our investment in IHAM, which represented 8.3% of the total investment portfolio at fair value as of December 31, 2025. As of December 31, 2025, loans on non-accrual status represented 1.8% of the total investments at amortized cost (or 1.2% at fair value). Since our IPO on October 8, 2004 through December 31, 2025, our exited investments resulted in an asset level realized gross internal rate of return to us of approximately 13% (based on original cash invested, net of syndications, of approximately $55.7 billion and total proceeds from such exited investments of approximately $71.7 billion). Internal rate of return is the discount rate that makes the net present value of all cash flows related to a particular investment equal to zero. Internal rate of return is gross of expenses related to investments as these expenses are not allocable to specific investments. Investments are considered to be exited when the original investment objective has been achieved through the receipt of cash 10
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and/or non-cash consideration upon the repayment of a debt investment or sale of an investment or through the determination that no further consideration was collectible and, thus, a loss may have been realized. Additionally, since our IPO on October 8, 2004 through December 31, 2025, our realized gains have exceeded our realized losses by approximately $1.0 billion (excluding a one-time gain on the acquisition of Allied Capital Corporation in April 2010 (the “Allied Acquisition”) and realized gains/losses from the extinguishment of debt and other transactions). For the same time period, our average annualized net realized gain rate was approximately 0.8% (excluding a one-time gain on the Allied Acquisition and realized gains/losses from the extinguishment of debt and other transactions). Net realized gain/loss rates for a particular period are the amount of net realized gains/losses during such period divided by the average quarterly investments at amortized cost in such period. Information included herein regarding internal rates of return, realized gains and losses and annualized net realized gain rates are historical results relating to our past performance and are not necessarily indicative of future results, the achievement of which cannot be assured. INVESTMENT SELECTION Ares’ investment philosophy was developed over 25 years ago and has remained consistent and relevant throughout a number of economic cycles. We are managed using a similar investment philosophy used by the investment professionals of Ares in respect of its other investment funds. This investment philosophy involves, among other things: • an assessment of the overall macroeconomic environment and financial markets and how such assessment may impact industry and asset selection; • company-specific research and analysis; and • with respect to each individual company, an emphasis on capital preservation, low volatility and minimization of downside risk. The foundation of Ares’ investment philosophy is intensive credit investment analysis, a portfolio management discipline based on both market technicals and fundamental value-oriented research, and diversification strategy. Ares also recognizes the importance of considering material environmental, social and governance (“ESG”) factors in the investment process to help generate attractive risk-adjusted returns and has adopted a Responsible Investment Program for this purpose. We follow a rigorous investment process based on: • a comprehensive analysis of issuer creditworthiness, including a quantitative and qualitative assessment of the issuer’s business; • an evaluation of management and its economic incentives; • an analysis of business strategy and industry trends; and • an in-depth examination of capital structure, financial results and projections. We seek to identify those companies exhibiting superior fundamental risk-reward profiles and strong defensible business franchises while focusing on the relative value of the investment across the industry as well as for the specific company. Intensive Due Diligence The process through which an investment decision is made involves extensive research into the target company, its industry, its growth prospects and its ability to withstand adverse conditions. If the senior investment professional responsible for the potential transaction determines that an investment opportunity should be pursued, we will engage in an intensive due diligence process. Approximately 30-40% of the investments initially reviewed by us proceed to this phase. Though each transaction will involve a somewhat different approach, the regular due diligence steps generally undertaken include: 11
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• meeting with the target company’s management team to get a detailed review of the business, and to probe for potential weaknesses in business prospects; • checking management’s backgrounds and references; • performing a detailed review of historical financial performance, including performance through various economic cycles, and the quality of earnings; • reviewing both short and long term projections of the business, and sensitizing them for both upside and downside risk; • visiting headquarters and company operations and meeting with top and middle-level executives; • contacting customers and vendors to assess both business prospects and standard practices; • conducting a competitive analysis, and comparing the issuer to its main competitors on an operating, financial, market share and valuation basis; • researching the industry for historic growth trends and future prospects as well as to identify future exit alternatives (including available Wall Street research, industry association literature and general news); • assessing asset value and the ability of physical infrastructure and information systems to handle anticipated growth; and • investigating legal risks and financial and accounting systems. Selective Investment Process After an investment has been identified and preliminary diligence has been completed, a credit research and analysis report is prepared. This report is reviewed by the senior investment professional in charge of the potential investment. If such senior and other investment professionals are in favor of the potential investment, then it is first presented to the investment committee on a preliminary basis. After the investment committee approves continued work on the potential investment, a more extensive due diligence process is employed by the transaction team. Additional due diligence with respect to any investment may be conducted on our behalf by attorneys, independent accountants, and other third-party consultants and research firms prior to the closing of the investment, as appropriate on a case-by-case basis. Approximately 10-15% of all investments initially reviewed by us will be presented to the investment committee. Approval of an investment for funding requires the approval of the majority of the investment committee, although unanimous consent is encouraged. Issuance of Formal Commitment Once we have determined that a prospective portfolio company is suitable for investment, we work with the management and/or sponsor of that company and its other capital providers, including senior, junior and equity capital providers, if any, to finalize the structure of the investment. Approximately 3-5% of the investments initially reviewed by us eventually result in the issuance of formal commitments and the closing of such transactions. Investments We invest in portfolio companies primarily in the form of first lien senior secured loans (including “unitranche” loans which are loans that combine both senior and subordinated loans, generally in a first lien position), second lien senior secured loans, subordinated debt and preferred equity. The first and second lien senior secured loans generally have terms of three to 10 years. In connection with our first and second lien senior secured loans, we generally receive security interests in certain assets of our portfolio companies that could serve as collateral in support of the repayment of such loans. First and second lien senior secured loans generally have floating interest rates, which may have interest rate floors, and also may provide for some amortization of principal and excess cash flow payments, with the remaining principal balance due at maturity. We structure our subordinated debt investments primarily as unsecured subordinated loans that provide for relatively higher fixed interest rates. The subordinated debt investments generally have terms of up to 10 years. These loans typically 12
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have interest-only payments, with amortization of principal, if any, deferred to the later years of the subordinated debt investment. In some cases, we may enter into loans that, by their terms, convert into equity or additional debt or defer payments of interest (or at least cash interest) for the first few years after our investment. Also, in some cases our subordinated debt will be secured by a subordinated lien on some or all of the assets of the borrower. In some cases, our debt and preferred equity investments may provide for a portion of the interest or dividends payable to be payment- in-kind (“PIK”). To the extent interest or dividends are PIK, they will be payable through the increase of the principal amount of the loan or preferred equity by the amount of interest or dividend due on the then-outstanding aggregate principal amount of such loan or preferred equity and is generally collected upon repayment of the outstanding principal or redemption of the equity, as applicable. In the case of our first and second lien senior secured loans, subordinated debt and preferred equity investments, we tailor the terms of the investment to the facts and circumstances of the transaction and the prospective portfolio company, negotiating a structure that aims to protect our rights and manage our risk while creating incentives for the portfolio company to achieve its business plan and improve its profitability. For example, in addition to generally seeking a senior position in the capital structure of our portfolio companies, we will seek, where appropriate, to limit the downside potential of our investments by: • targeting a total return on our investments (including from both interest and potential equity appreciation) that compensates us for credit risk; • incorporating call protection and interest rate floors for floating rate loans into the investment structure; and • negotiating covenants in connection with our investments that afford our portfolio companies as much flexibility in managing their businesses as possible, consistent with preservation of our capital. Such restrictions may include affirmative and negative covenants, default penalties, lien protection, change of control provisions and board rights, including either observation or participation rights. We generally require financial covenants and terms that require an issuer to reduce leverage, thereby enhancing credit quality. These methods include: (a) maintenance leverage covenants requiring a decreasing ratio of indebtedness to cash flow over time, (b) maintenance cash flow covenants requiring an increasing ratio of cash flow to the sum of interest expense and capital expenditures and (c) indebtedness incurrence prohibitions, limiting a company’s ability to take on additional indebtedness. In addition, by including limitations on asset sales and capital expenditures we may be able to prevent a borrower from changing the nature of its business or capitalization without our consent. Structurally, subordinated debt usually ranks junior in priority of payment to senior secured loans and is often unsecured. However, subordinated debt ranks senior to preferred and common equity in a borrower’s capital structure. Subordinated debt investments generally offer lenders fixed returns in the form of interest payments and will often provide lenders an opportunity to participate in the capital appreciation of a borrower, if any, through an equity interest. This equity interest typically takes the form of preferred equity, an equity co-investment and/or warrants. The preferred equity, equity co-investment and warrants (if any) associated with a subordinated debt investment typically allow lenders to receive repayment of their debt principal on an agreed upon amortization schedule or at maturity while retaining their equity interest in the borrower. We believe that our focus on generating proprietary deal flow and lead investing gives us greater control over the capital structures and investment terms described above and enables us to actively manage our investments. Moreover, by leading the investment process, we are often able to secure controlling positions in loan tranches, thereby providing additional control in investment outcomes. To a lesser extent, we also make common equity investments, which have generally been non-control equity investments of less than $20 million (usually in conjunction with a concurrent debt investment). However, we may increase the size or change the nature of these investments. ACQUISITION OPPORTUNITIES We believe that there may be opportunity for further consolidation in our industry. From time to time, we evaluate potential strategic opportunities, including acquisitions of: • asset portfolios; 13
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• other private and public finance companies, business development companies and asset managers; and • selected secondary market assets. We have been in, and from time to time may engage in, discussions with counterparties in respect of various potential strategic acquisition and investment transactions, including potential acquisitions of other finance companies, business development companies and asset managers. Some of these transactions could be material to our business and, if completed, could be difficult to integrate, result in increased leverage or dilution and/or subject us to unexpected liabilities. However, none of these discussions has progressed to the point at which the completion of any such transaction could be deemed to be probable or reasonably certain as of the date of this Annual Report. Completion of any such transaction would be subject to completion of due diligence, finalization of key business and financial terms (including price) and negotiation of final definitive documentation as well as a number of other factors and conditions including, without limitation, the approval of our board of directors, any required third-party consents and, in certain cases, the approval of our stockholders. We cannot predict how quickly the terms of any such transaction could be finalized, if at all. Accordingly, there can be no assurance that such transaction would be completed. In connection with evaluating potential strategic acquisition and investment transactions, we may incur significant expenses for the evaluation and due diligence investigation of these potential transactions. ON-GOING RELATIONSHIPS WITH AND MONITORING OF PORTFOLIO COMPANIES We closely monitor each investment we make, maintain a regular dialogue with both the management team and other stakeholders and seek specifically tailored financial reporting. In addition, senior investment professionals may take board seats or obtain board observation rights in connection with our portfolio companies. As of December 31, 2025, of our 603 portfolio companies, we were entitled to board seats or board observation rights on 14% of these companies and these companies represented approximately 24% of our portfolio at fair value. In addition to covenants and other contractual rights and through board participation, when appropriate, we seek to enhance portfolio company performance post-investment by actively working with management on strategic and operating initiatives where there is an opportunity to do so. We often introduce managers of companies in which we have invested to other portfolio companies to capitalize on complementary business activities and best practices. We believe that our focus on generating proprietary deal flow gives us greater control over capital structure and investment terms and lead investing enhances our ability to closely monitor each investment we make. Our investment adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our investment adviser grades the credit risk of all investments on a scale of 1 to 4 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account under certain circumstances the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The grade of a portfolio investment may be reduced or increased over time. The following is a description of each investment grade: 14
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Investment grade Description 4 Involves the least amount of risk to our initial cost basis. The trends and risk factors for this investment sinceorigination or acquisition are generally favorable, which may include the performance of the portfolio companyor a potential exit. 3 Involves a level of risk to our initial cost basis that is similar to the risk to our initial cost basis at the time oforigination or acquisition. This portfolio company is generally performing as expected and the risk factors toour ability to ultimately recoup the cost of our investment are neutral to favorable. All investments or acquiredinvestments in new portfolio companies are initially assessed a grade of 3. 2 Indicates that the risk to our ability to recoup the initial cost basis of such investment has increased materiallysince origination or acquisition, including as a result of factors such as declining performance and non-compliance with debt covenants; however, payments are generally not more than 120 days past due. Forinvestments graded 2, our investment adviser enhances its level of scrutiny over the monitoring of suchportfolio company. 1 Indicates that the risk to our ability to recoup the initial cost basis of such investment has substantially increasedsince origination or acquisition, and the portfolio company likely has materially declining performance. Fordebt investments with an investment grade of 1, most or all of the debt covenants are out of compliance andpayments are substantially delinquent. For investments graded 1, it is anticipated that we will not recoup ourinitial cost basis and may realize a substantial loss of our initial cost basis upon exit. For investments graded 1,our investment adviser enhances its level of scrutiny over the monitoring of such portfolio company. As of December 31, 2025, the weighted average grade of the investments in our portfolio at fair value was 3.1. For more information on our portfolio investment grades, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Portfolio and Investment Activity.” MANAGERIAL ASSISTANCE As a BDC, we must offer, and must provide upon request, significant managerial assistance to certain of our portfolio companies. This assistance could involve, among other things, monitoring the operations of our portfolio companies, participating in board and management meetings, consulting with and advising officers of portfolio companies and providing other organizational and financial guidance. Ares Operations may provide all or a portion of this assistance pursuant to our administration agreement, the costs of which will be reimbursed by us. We may receive fees for these services. COMPETITION Our primary competitors include public and private funds, commercial and investment banks, commercial finance companies, other BDCs and private equity funds, each of which we compete with for financing opportunities. Some of our competitors are substantially larger and have considerably greater financial and marketing resources than we do. For example, some competitors may have access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wide variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the Investment Company Act imposes on us as a BDC. In addition, new competitors frequently enter the financing markets in which we operate. For more information concerning the competitive risks we face, see “Risk Factors—Risks Relating to Our Business —We operate in a highly competitive market for investment opportunities.” We believe that the relationships of the members of our investment adviser’s U.S. direct lending investment committee and of the partners of Ares enable us to learn about, and compete effectively for, financing opportunities with attractive middle-market companies in the industries in which we seek to invest. We believe that Ares’ professionals’ deep and long-standing direct sponsor relationships and the resulting proprietary transaction opportunities that these relationships often present, provide valuable insight and access to transactions and information. We use the industry information of Ares’ investment professionals to which we have access to assess investment risks and determine appropriate pricing for our investments in portfolio companies. STAFFING We do not currently have any employees and do not expect to have any employees. Services necessary for our business are provided by individuals who are employees or affiliates of our investment adviser, Ares Capital Management, and our administrator, Ares Operations, each of which is a subsidiary of Ares Management, pursuant to the terms of our investment advisory and management agreement and our administration agreement, respectively, each as described below. Each of our 15
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executive officers is an employee or affiliate of our investment adviser or our administrator. Our day-to-day investment activities are managed by our investment adviser. Most of the services necessary for the origination of our investment portfolio are provided by investment professionals employed by Ares Capital Management. Ares Capital Management had approximately 230 U.S.-based investment professionals as of December 31, 2025, who focus on origination, transaction development, investment and the ongoing monitoring of our investments. See “Investment Advisory and Management Agreement” below. We reimburse both our investment adviser and our administrator for a certain portion of expenses incurred in connection with such staffing, as described in more detail below. Because we have no employees, we do not have a formal employee relations policy. INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT Management Services Ares Capital Management serves as our investment adviser and is registered as an investment adviser under the Advisers Act. Subject to the overall supervision of our board of directors, our investment adviser manages the day-to-day operations of, and provides investment advisory and management services to, us. Under the terms of the investment advisory and management agreement, our investment adviser: • determines the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing such changes; • identifies, evaluates and negotiates the structure of the investments we make (including performing due diligence on our prospective portfolio companies); • closes and monitors the investments we make; • determines the investments and other assets that we purchase, retain or sell; and • provides us with such other investment advisory and research and related services as we may from time to time reasonably require, which may include, among other things, the determination of the fair value of debt and equity securities that are not publicly traded or whose market prices are not readily available, subject to the overall supervision of our board of directors. Ares Capital Management’s services to us under the investment advisory and management agreement are not exclusive, and it is free to furnish similar services to other entities. Similarly, our investment adviser or its affiliates may directly or indirectly manage funds or other investment vehicles with an investment objective similar to ours, including other Ares funds such as Ares Strategic Income Fund, a non-traded BDC managed by our investment adviser. Accordingly, we may compete with these Ares funds or other investment vehicles managed by our investment adviser and its affiliates for capital and investment opportunities. Ares Capital Management endeavors to allocate investment opportunities in a fair and equitable manner, and in any event consistent with any fiduciary duties owed to us. Nevertheless, it is possible that we may not be given the opportunity to participate in certain investments made by investment funds or other investment vehicles managed by our investment adviser or its affiliates. See “Risk Factors—Risks Relating to Our Business—There are significant potential conflicts of interest that could impact our investment returns.” Pursuant to the investment advisory and management agreement and subject to the overall supervision of our board of directors, our investment adviser provides investment advisory and management services to us. For providing these services, our investment adviser receives fees from us consisting of a base management fee, an income based fee and a capital gains incentive fee. Base Management Fee Effective June 21, 2019, in connection with our board of directors’ approval of the modification of the asset coverage requirement applicable to senior securities from 200% to 150%, the investment advisory and management agreement was amended to reduce our annual base management fee rate from 1.5% to 1.0% on all assets financed using leverage over 1.0x debt to equity. For all assets financed using leverage up to 1.0x debt to equity, the annual base management fee rate is 1.5%. The base management fee is based on the average value of our total assets (other than cash or cash equivalents but including assets purchased with borrowed funds) at the end of the two most recently completed calendar quarters and is calculated by applying the applicable fee rate. The base management fee is payable quarterly in arrears. 16
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Income Based Fee The income based fee is calculated and payable quarterly in arrears based on our pre-incentive fee net investment income, as defined in the investment advisory and management agreement, for the quarter. Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the base management fee, any expenses payable under the administration agreement, and any interest expense and dividends paid on any outstanding preferred stock, but excluding the income based fee and capital gains incentive fee accrued under U.S. generally accepted accounting principles (“GAAP”)). Pre-incentive fee net investment income includes, in the case of investments with a deferred income feature (such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities), accrued income that we have not yet received in cash. Our investment adviser is not under any obligation to reimburse us for any part of the income based fee it received that were based on accrued income that we never actually received. See “Risk Factors—Risks Relating to Our Business—There are significant potential conflicts of interest that could impact our investment returns.” and “Risk Factors— Risks Relating to Our Business—We may be obligated to pay our investment adviser certain fees even if we incur a loss.” Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses, unrealized capital appreciation, unrealized capital depreciation or income tax expense related to realized gains and losses. Because of the structure of the income based fee, it is possible that we may pay such fees in a quarter where we incur a loss. For example, if we earn pre-incentive fee net investment income in excess of the hurdle rate for a quarter, we will pay the applicable income based fee even if we have incurred a loss in that quarter due to realized and/or unrealized capital losses. Pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets (defined as total assets less indebtedness and before taking into account any income based fee and capital gains incentive fee payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed “hurdle rate” of 1.75% per quarter. If market credit spreads rise, we may be able to invest our funds in debt instruments that provide for a higher return, which may increase our pre-incentive fee net investment income and make it easier for our investment adviser to surpass the fixed hurdle rate and receive an income based fee based on such net investment income. To the extent we have retained pre-incentive fee net investment income that has been used to calculate the income based fee, it is also included in the amount of our total assets (other than cash and cash equivalents but including assets purchased with borrowed funds) used to calculate the base management fee. We pay our investment adviser an income based fee with respect to our pre-incentive fee net investment income in each calendar quarter as follows: • No income based fee in any calendar quarter in which our pre-incentive fee net investment income does not exceed the hurdle rate; • 100% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.1875% in any calendar quarter. We refer to this portion of our pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 2.1875%) as the “catch-up” provision. The “catch-up” is meant to provide our investment adviser with 20% of the pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeded 2.1875% in any calendar quarter; and • 20% of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.1875% in any calendar quarter. 17
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The following is a graphical representation of the calculation of the income based fee: Quarterly Income Based Fee Based on Net Investment Income Pre-incentive fee net investment income return (expressed as a percentage of the value of net assets) Percentage of pre-incentive fee net investment income allocated to income based fee These calculations are adjusted for any share issuances or repurchases during the quarter. Capital Gains Incentive Fee The capital gains incentive fee is determined and payable in arrears as of the end of each calendar year (or, upon termination of our investment advisory and management agreement, as of the termination date) and is calculated at the end of each applicable year by subtracting (a) the sum of our cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (b) our cumulative aggregate realized capital gains, in each case calculated from October 8, 2004, (the date we completed our IPO). Realized capital gains and losses include gains and losses on investments and foreign currencies, gains and losses on extinguishment of debt and from other assets, as well as any income tax and other expenses related to cumulative aggregate realized gains and losses. If such amount is positive at the end of such year, then the capital gains incentive fee for such year is equal to 20% of such amount, less the aggregate amount of capital gains incentive fee paid in all prior years. If such amount is negative, then there is no capital gains incentive fee for such year. The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in our portfolio when sold and (b) the accreted or amortized cost basis of such investment. The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in our portfolio when sold is less than (b) the accreted or amortized cost basis of such investment. The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in our portfolio as of the applicable capital gains incentive fee calculation date and (b) the accreted or amortized cost basis of such investment. Notwithstanding the foregoing, if we are required by GAAP to record an investment at its fair value as of the time of acquisition instead of at the actual amount paid for such investment by us (including, for example, as a result of the application of the asset acquisition method of accounting), then solely for the purposes of calculating the capital gains incentive fee, the “accreted or amortized cost basis” of an investment shall be an amount (the “Contractual Cost Basis”) equal to (1) (x) the actual amount paid by us for such investment plus (y) any amounts recorded in our financial statements as required by GAAP that are attributable to the accretion of such investment plus (z) any other adjustments made to the cost basis included in our financial statements, including PIK interest or additional amounts funded (net of repayments) minus (2) any amounts recorded in our financial statements as required by GAAP that are attributable to the amortization of such investment, whether such calculated Contractual Cost Basis is higher or lower than the fair value of such investment (as determined in accordance with GAAP) at the time of acquisition. We defer cash payment of any income based fee and the capital gains incentive fee otherwise earned by our investment adviser if during the most recent four full calendar quarter period ending on or prior to the date such payment is to be made the sum of (a) the aggregate distributions to our stockholders and (b) the change in net assets (defined as total assets less indebtedness and before taking into account any income based fee and capital gains incentive fee payable during the period) is less than 7.0% of our net assets (defined as total assets less indebtedness) at the beginning of such period. Any deferred income based fee and capital gains incentive fee are carried over for payment in subsequent calculation periods to the extent such payment is payable under our investment advisory and management agreement. 18
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Payment of Our Expenses The services of all investment professionals and staff of our investment adviser, when and to the extent engaged in providing investment advisory and management services to us and compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by our investment adviser. Under the investment advisory and management agreement, we bear all other costs and expenses of our operations and transactions, including, but not limited to, those relating to: organization; calculation of our net asset value (including, but not limited to, the cost and expenses of any independent third-party valuation provider (“IVP”)); expenses incurred by our investment adviser payable to third parties, including agents, consultants or other advisers, in monitoring our financial and legal affairs and in monitoring our investments (including the cost of consultants hired to develop information technology systems designed to monitor our investments) and performing due diligence on our prospective portfolio companies; interest payable on indebtedness, if any, incurred to finance our investments (including, but not limited to, payments to third-party vendors for financial information services); offerings of our common stock and other securities (including, but not limited to, costs of rating agencies); investment advisory and management fees; administration fees payable under the administration agreement; fees payable to third parties, including agents, attorneys, consultants or other advisers, relating to, or associated with, evaluating, negotiating with and making investments in portfolio companies, regardless of whether such transactions are ultimately consummated (including, but not limited to, payments to third-party vendors for financial information services); transfer agent and custodial fees; registration fees; listing fees; taxes; independent directors’ fees and expenses; costs of preparing and filing reports or other documents required by governmental bodies (including the SEC); the costs of any reports, proxy statements or other notices to stockholders, including printing costs; to the extent we are covered by any joint insurance policies, our allocable portion of the insurance premiums for such policies; direct costs and expenses of administration, including auditor and legal costs; and all other expenses incurred by us or our administrator in connection with administering our business as described in more detail under “—Administration Agreement” below. Duration, Termination and Amendment At an in-person meeting of our board of directors on May 13, 2025, our board of directors, including a majority of the directors who are not “interested persons” of the Company as defined in the Investment Company Act, voted to approve the continuation of our investment advisory and management agreement, which extended the terms of the agreement until June 6, 2026. Unless terminated earlier, our investment advisory and management agreement will renew for successive annual periods if approved annually by our board of directors or by the affirmative vote of the holders of a majority of our outstanding voting securities, and, in either case, approval by a majority of our directors who are not “interested persons” of the Company (as defined in the Investment Company Act). Our investment advisory and management agreement will automatically terminate in the event of its assignment (as defined in the Investment Company Act). The investment advisory and management agreement may be terminated by either party without penalty upon 60 days’ written notice to the other party. In voting to approve the investment advisory and management agreement, our independent directors consulted in executive session with their independent legal counsel regarding the approval of such agreement. In reaching a decision to approve the investment advisory and management agreement, our board of directors reviewed a significant amount of information and considered, among other things: (i) the nature, extent and quality of the services provided to the Company by our investment adviser; (ii) the advisory fees paid by the Company under the investment advisory and management agreement as compared to the advisory fees paid by other funds and accounts managed by our investment adviser with similar investment strategies as well as the fees and expenses of comparable BDCs; (iii) the long- and short-term investment performance of the Company and our investment adviser; (iv) the costs of the services provided by our investment adviser (including the base management fee, the income based fee and the capital gains incentive fee (including the applicable hurdle rates and conditions for the deferral of fee payments) and expense ratios) under the investment advisory and management agreement and comparative data based on publicly available information; (v) the potential for, and sharing of, economies of scale in investment management given the directly originated nature of the Company’s investment portfolio and resources dedicated by our investment adviser thereto; 19
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(vi) our investment adviser’s pro forma profitability with respect to managing the Company based on financial information provided by our investment adviser; (vii) additional benefits to be derived by our investment adviser and its affiliates as a result of our relationship with our investment adviser; and (viii) various other matters, including the alignment of interests with our stockholders. In voting to approve the investment advisory and management agreement, our board of directors, including all of the directors who are not “interested persons,” of the Company (as defined in the Investment Company Act), made the following conclusions: • Nature, Extent and Quality of Services. Our board of directors considered the nature, extent and quality of the investment selection process employed by our investment adviser, including the flow of transaction opportunities resulting from Ares Capital Management’s investment professionals’ significant capital markets, trading and research expertise, the employment of Ares Capital Management’s investment philosophy, diligence procedures, credit recommendation process, investment structuring, and ongoing relationships with and monitoring of portfolio companies, in light of the investment objective of the Company. Our board of directors also considered our investment adviser’s personnel and their prior experience in connection with the types of investments made by us, including such personnel’s network of relationships with intermediaries focused on U.S. middle-market companies and other companies in which we may make investments. Our board of directors also considered the benefit and increasing costs of our investment adviser continuing to be able to recruit and retain top talent. In addition, our board of directors considered the other terms and conditions of the investment advisory and management agreement, including that the substantive terms of the investment advisory and management agreement (other than the fees payable thereunder, which our board of directors reviewed separately) are generally the same as those of comparable BDCs described in the available market data and that it would be difficult to obtain similar services of similar quality on a comparable basis from other third-party service providers or through an internally managed structure. In addition, our board of directors considered the fact that we have the ability to terminate the investment advisory and management agreement without penalty upon 60 days’ written notice to our investment adviser. Our board of directors further determined that our investment adviser is served by a dedicated origination, transaction development and investment team of investment professionals, and that these investment professionals have historically focused on investments in U.S. middle-market companies and other companies in which we may make investments, which experience and relationships coincide with our investment objective and generally equal or exceed those of the management teams or investment advisers of other comparable BDCs described in the available market data. • Investment Performance. Our board of directors reviewed the long-term and short-term investment performance of the Company and our investment adviser, as well as comparative data based on publicly available information with respect to the long-term and short-term investment performance of other externally managed BDCs and their investment advisers. Our board of directors noted the longevity and consistency of the Company’s investment performance and determined that our investment adviser was delivering results consistent with the investment objective of the Company and that the Company’s investment performance was generally above average when compared to comparable BDCs, including based on one, three and five year time periods. Our board of directors further determined that in light of the performance history of the Company, our investment adviser’s extensive experience with our particular investment objective and policies and our investment adviser’s commitment to the Company, our investment adviser was well-positioned to manage our investment performance, including through volatile market conditions caused by inflationary pressures, with the approval of the investment advisory and management agreement. • Costs of the Services Provided to the Company. Our board of directors considered (i) comparative data based on publicly available information with respect to services rendered and the advisory fees (including the base management fee, income based fee and capital gains incentive fee or similar fees (including applicable hurdle rates, other payment conditions and/or fee waivers)) of other BDCs with a similar investment objective, our operating expenses and expense ratios compared to other BDCs of similar size and with a similar investment objective and (ii) the administrative services that our administrator will provide to us at cost. Further, our board of directors considered comparative information with respect to the advisory fees paid by the Company as compared to the advisory fees paid by other funds and accounts managed by our investment adviser with similar investment strategies, and considered the rationale for the differences in fees, including, but not limited to, differences in investment objective and investment strategies as well as the regulated nature of the Company. 20
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• Economies of Scale. Our board of directors considered information about the potential for our stockholders to experience economies of scale as we grow in size. In view of the wide variety of material factors that our board of directors considered in connection with its evaluation of the investment advisory and management agreement, it is not practical to quantify, rank or otherwise assign relative weights to the specific factors it considered in reaching its decision. Our board of directors did not undertake to make any specific determination as to whether any particular factor, or any aspect of any particular factor, was favorable or unfavorable to the ultimate determination of our board of directors. Rather, our board of directors based its approval on the totality of information presented to, and the investigation conducted by, it. In considering the factors discussed above, individual directors may have given different weights to different factors. Based on the information reviewed and the factors discussed above, our directors (including those directors who are not “interested persons” of the Company) concluded that the terms of the investment advisory and management agreement, including the fee rates thereunder, are fair and reasonable in relation to the services provided and approved the investment advisory and management agreement as being in the best interests of the Company and its stockholders. Conflicts of interest may arise if our investment adviser seeks to change the terms of our investment advisory and management agreement, including, for example, the amount of the base management fee, the income based fee, the capital gains incentive fee or other compensation terms. Material amendments to our investment advisory and management agreement must be approved by the affirmative vote of the holders of a majority of our outstanding voting securities and by a majority of our independent directors, and we may from time to time decide it is appropriate to seek the requisite approval to change the terms of the agreement. Indemnification The investment advisory and management agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, our investment adviser, its members and their respective officers, managers, partners, agents, employees, controlling persons and members and any other persons affiliated with it are entitled to indemnification from us for any damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of our investment adviser’s services under the investment advisory and management agreement or otherwise as our investment adviser. Organization of our Investment Adviser Our investment adviser is a Delaware limited liability company that is registered as an investment adviser under the Advisers Act. The principal executive offices of Ares Capital Management are located at 1800 Avenue of the Stars, Suite 1400, Los Angeles, California 90067. ADMINISTRATION AGREEMENT We are also party to an administration agreement, referred to herein as the “administration agreement”, with our administrator, Ares Operations. Our board of directors approved the continuation of our administration agreement on May 13, 2025, which extended the term of the agreement until June 1, 2026. Pursuant to the administration agreement, Ares Operations furnishes us with office equipment and clerical, bookkeeping and record keeping services at our office facilities. Under the administration agreement, Ares Operations also performs, or oversees the performance of, our required administrative services, which include, among other things, providing assistance in accounting, legal, compliance, operations, technology and investor relations, being responsible for the financial and other records that we are required to maintain and preparing all reports and other materials required to be filed with the SEC or any other regulatory authority, including reports to stockholders. In addition, Ares Operations assists us in determining and publishing our net asset value, assists us in providing managerial assistance to our portfolio companies, oversees the preparation and filing of our tax returns and the printing and dissemination of reports to our stockholders, and generally oversees the payment of our expenses and the performance of administrative and professional services rendered to us by others. Payments under the administration agreement are equal to an amount based upon our allocable portion of Ares Operations’ overhead and other expenses (including travel expenses) incurred by Ares Operations in performing its obligations under the administration agreement, including our allocable portion of the compensation, rent and other expenses of certain of our officers (including our chief compliance officer, chief financial officer, chief accounting officer, general counsel, secretary, treasurer and assistant treasurer) and their respective staffs. The administration agreement may be terminated by either party without penalty upon 60 days’ written notice to the other party. 21
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For the year ended December 31, 2025, we incurred $15 million in administrative and other fees, including certain costs that are reimbursable to our investment adviser under the investment advisory and management agreement or our administrator under the administration agreement. As of December 31, 2025, $6 million of the administrative and other fees were unpaid and included in “accounts payable and other liabilities” in our consolidated balance sheets. Indemnification The administration agreement provides that, absent willful misfeasance, bad faith or negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, Ares Operations, its members and their respective officers, managers, partners, agents, employees, controlling persons and members and any other persons or entities affiliated with it are entitled to indemnification from us for any damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of Ares Operations’ services under the administration agreement or otherwise as our administrator. LICENSE AGREEMENT Ares Management LLC, the sole member of Ares Capital Management, has granted us a non ‑ exclusive, royalty ‑ free license to use the name “Ares” pursuant to a license agreement. Under this agreement, we will have a right to use the Ares name for so long as Ares Capital Management remains our investment adviser. Other than with respect to this limited license, we have no legal right to the “Ares” name. LEVERAGE We may from time to time borrow funds to make investments, a practice known as “leverage,” to attempt to increase returns to our stockholders. With certain limited exceptions, we are only allowed to borrow amounts such that our asset coverage, as calculated in accordance with the Investment Company Act, equals at least 150% after such borrowing (i.e., we are able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us). The amount of leverage that we employ at any particular time will depend on our investment adviser’s and our board of directors’ assessments of market and other factors at the time of any proposed borrowing. As of January 29, 2026, we had $16.4 billion in total aggregate principal amount of outstanding debt under our various debt instruments. See “Risk Factors—Risks Relating to Our Business—We borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.” For more information on our debt, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Financial Condition, Liquidity and Capital Resources” as well as Notes 5 and 16 to our consolidated financial statements for the year ended December 31, 2025. We may from time to time seek to retire or repurchase our common stock through cash purchases, as well as retire, cancel or purchase our outstanding debt through cash purchases and/or exchanges, in open market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. The amounts involved may be material. REGULATION We have elected to be regulated as a BDC under the Investment Company Act and have elected to be treated as a RIC under the Code. As with other companies regulated by the Investment Company Act, a BDC must adhere to certain substantive regulatory requirements. The Investment Company Act contains prohibitions and restrictions relating to certain transactions between BDCs and certain affiliates (including any investment advisers or sub-advisers), principal underwriters and certain affiliates of those affiliates or underwriters. Among other things, we generally cannot invest in any portfolio company in which a fund managed by Ares or any of its downstream affiliates (other than us and our downstream affiliates) is also investing. We, our investment adviser and certain of our affiliates have received the Co-Investment Exemptive Order from the SEC that permits us and other BDCs and registered closed-end management investment companies managed by Ares to co-invest in portfolio companies with each other and with other affiliated entities. As required by the Co-Investment Exemptive Order, we have adopted, and our board of directors has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Co-Investment Exemptive Order. Co-investments made under the Co-Investment Exemptive Order are subject to compliance with certain conditions and other requirements, which could limit our ability to participate in co-investment transactions. As a result of investments permitted by the Co-Investment Exemptive Order, there could be significant overlap in our investment portfolio and the investment portfolios of affiliated Ares entities that can rely on the Co-Investment Exemptive Order and that have an investment objective similar to ours. We may also otherwise co-invest with funds managed by Ares or 22
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any of its downstream affiliates, subject to compliance with existing regulatory guidance, applicable regulations and our investment adviser’s allocation policy. The Investment Company Act contains certain restrictions on certain types of investments we may make. Specifically, we may only invest up to 30% of our portfolio in entities that are not considered “eligible portfolio companies” (as defined in the Investment Company Act), including companies located outside of the United States, entities that are operating pursuant to certain exceptions under the Investment Company Act, and publicly traded entities whose public equity market capitalization exceeds the levels provided for under the Investment Company Act. The Investment Company Act also requires that a majority of our directors be persons other than “interested persons,” as that term is defined in Section 2(a)(19) of the Investment Company Act, who we refer to as “independent directors.” In addition, the Investment Company Act provides that we may not change the nature of our business so as to cease to be, or to withdraw our election as, a BDC unless that change is approved by holders of at least a majority of our outstanding voting securities. Under the Investment Company Act, the vote of holders of at least a “majority of outstanding voting securities” means the vote of the holders of the lesser of: (a) 67% or more of the outstanding shares of our common stock present at a meeting or represented by proxy if holders of more than 50% of the shares of our common stock are present or represented by proxy or (b) more than 50% of the outstanding shares of our common stock. Under the Investment Company Act, we are generally not able to issue and sell our common stock at a price below net asset value per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the current net asset value per share of our common stock if our board of directors determines that such sale is in our best interests and the best interests of our stockholders, and our stockholders approve such sale. Pursuant to approval granted at a special meeting of stockholders held on August 8, 2025, we currently are permitted to sell or otherwise issue shares of our common stock at a price below net asset value, subject to certain limitations and determinations that must be made by our board of directors. Such stockholder approval expires on August 8, 2026. See “Risk Factors—Risks Relating to Our Business—Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital.” We may invest up to 100% of our assets in securities acquired directly from issuers in privately negotiated transactions. Our intention is to not write (sell) or buy put or call options to manage risks associated with the publicly traded securities of our portfolio companies. We may enter into hedging transactions to manage the risks associated with interest rate and currency fluctuations. We may purchase or otherwise receive warrants or options to purchase the common stock of our portfolio companies in connection with acquisition financings or other investments. In connection with such an acquisition, we may acquire rights to require the issuers of acquired securities or their affiliates to repurchase them under certain circumstances. We do not intend to acquire securities issued by any investment company that exceed the limits imposed by the Investment Company Act. Under these limits, we generally cannot acquire more than 3% of the voting stock of any investment company (as defined in the Investment Company Act), invest more than 5% of the value of our total assets in the securities of one investment company or invest more than 10% of the value of our total assets in the securities of investment companies in the aggregate unless certain conditions are met. With regard to that portion of our portfolio invested in securities issued by investment companies, it should be noted that such investments might subject our stockholders to additional expenses. We are currently allowed to borrow amounts or issue debt securities or preferred stock, which we refer to collectively as “senior securities,” such that our asset coverage, as calculated pursuant to the Investment Company Act, equals at least 150% immediately after such borrowing (i.e., we are able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us). See “Risk Factors—Risks Relating to Our Business—Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital.” PRIVACY PRINCIPLES We endeavor to maintain the privacy of our recordholders and to safeguard their non-public personal information. The following information is provided to help our recordholders understand what personal information we collect, how we protect that information and why, in certain cases, we may share information with select other parties. Generally, we will not receive any non-public personal information about recordholders of our common stock, although certain of our recordholders’ non-public information may become available to us. The non-public personal information that we may receive falls into the following categories: 23
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• information we receive from recordholders, whether we receive it orally, in writing or electronically. This includes recordholders’ communications to us concerning their investment; • information about recordholders’ transactions and history with us; and • other general information that we may obtain about recordholders, such as demographic and contact information such as address. We disclose non-public personal information about recordholders: • to our affiliates (such as our investment adviser and administrator) and their employees for everyday business purposes; • to our service providers (such as our accountants, attorneys, custodians, transfer agent, underwriters and proxy solicitors) and their employees, as is necessary to service recordholder accounts or otherwise provide the applicable service; • to comply with court orders, subpoenas, lawful discovery requests or other legal or regulatory requirements; or • as allowed or required by applicable law or regulation. When we share non-public recordholder personal information referred to above, the information is made available for limited business purposes and under controlled circumstances designed to protect our recordholders’ privacy. We do not permit use of recordholder information for any non-business or marketing purpose, nor do we permit third parties to rent, sell, trade or otherwise release or disclose information to any other party. Our service providers, such as our investment adviser, administrator and transfer agent, are required to maintain physical, electronic, and procedural safeguards to protect recordholder non-public personal information, to prevent unauthorized access or use and to dispose of such information when it is no longer required. Personnel of affiliates may access recordholder information only for business purposes. The degree of access is based on the sensitivity of the information and on personnel need for the information to service a recordholder’s account or comply with legal requirements. If a recordholder ceases to be a recordholder, we will adhere to the privacy policies and practices as described above. We may choose to modify our privacy policies at any time. Before we do so, we will notify recordholders and provide a description of our privacy policy. In the event of a corporate change in control resulting from, for example, a sale to, or merger with, another entity, or in the event of a sale of assets, we reserve the right to transfer non-public personal information of holders of our securities to the new party in control or the party acquiring assets. AVAILABLE INFORMATION We file with or submit to the SEC annual, quarterly and current periodic reports, proxy statements and other information meeting the informational requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). This information is available free of charge by calling us collect at (310) 201-4200 or on our website at www.arescapitalcorp.com. Information contained on our website is not incorporated into this Annual Report and you should not consider such information to be part of this Annual Report. Such information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov. 24
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Item 1A. Risk Factors RISK FACTORS You should carefully consider the risk factors described below, together with all of the other information included in this Annual Report, including our consolidated financial statements and the related notes thereto, before you decide whether to make an investment in our securities. The risks set out below are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. If any of the following events occur, our business, financial condition and results of operations could be materially adversely affected. In such case, the net asset value of our common stock and the trading price, if any, of our securities could decline, and you may lose all or part of your investment. RISK FACTOR SUMMARY The following is a summary of the principal risks that you should carefully consider before investing in our securities. • The capital markets may experience periods of disruption and instability. Such market conditions may materially and adversely affect debt and equity capital markets, which may have a negative impact on our business and operations. • Global economic, political and market conditions, including uncertainty about the financial stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations. • A failure on our part to maintain our status as a BDC may significantly reduce our operating flexibility and a failure to maintain our status as a RIC may subject us to additional corporate-level income taxes and reduce earnings available from which to pay dividends. • We are dependent upon certain key systems and personnel of Ares for our success and upon their access to other Ares investment professionals. • We borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us. • We operate in a highly competitive market for investment opportunities. • Our ability to enter into transactions with our affiliates is restricted. • There are significant potential conflicts of interest that could impact our investment returns. • Most of our portfolio investments are not publicly traded and, as a result, the fair value of these investments may not be readily determinable. Additionally, to the extent that we need liquidity and need to sell assets, the lack of liquidity in our investments may adversely affect our business. • Our financial condition and results of operations could be negatively affected if a significant investment fails to perform as expected. • Declines in market prices and liquidity in the corporate debt markets can result in significant net unrealized depreciation of our portfolio, which in turn would reduce our net asset value. • Economic recessions or downturns could impair our portfolio companies and harm our operating results. • Our investments, which are primarily in middle-market companies, may be risky and we could lose all or part of our investment. • Our portfolio companies may be highly leveraged. • Our shares of common stock may trade at a price above or below net asset value. If our common stock trades at a discount to net asset value, our ability to raise capital may be limited. 25
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• Our ability to grow depends on our ability to raise capital. • Our asset coverage requirement is 150%, which may increase the risk of investing in us. • We and our portfolio companies and third-party service providers may be subject to cybersecurity risks and our business could be adversely affected by changes to data protection laws and regulations. • Developments in artificial intelligence could disrupt markets in which we operate and subject us to increased competition, legal andregulatory risks and compliance costs. • We are subject to numerous privacy laws, and violation of such laws may subject us to significant fines or penalties, litigation, or reputational damage, and new privacy laws or changes in enforcement of existing privacy laws could impact our business andfinancial performance. RISKS RELATING TO OUR BUSINESS The capital markets may experience periods of disruption and instability. Such market conditions may materially and adversely affect the debt and equity capital markets, which may have a negative impact on our business and operations. From time to time, capital markets may experience periods of disruption and instability. Such disruptions may result in, amongst other things, write-offs, the re-pricing of credit risk, the failure of financial institutions or worsening general economic conditions, any of which could materially and adversely impact the broader financial and credit markets and reduce the availability of debt and equity capital for the market as a whole and financial services firms in particular. Global financial markets have experienced heightened volatility in recent periods and there can be no assurance these market conditions will not occur or worsen in the future, including as a result of economic and political events in or affecting the world’s major economies, such as the ongoing war between Russia and Ukraine, continued conflicts and political unrest in the Middle East and South America. Sanctions imposed by the U.S. and other countries, including in connection with hostilities between Russia and Ukraine and tensions between China and Taiwan, have caused additional financial market volatility and affected the global economy. Concerns over future inflation volatility, economic recession, as well as interest rate volatility and fluctuations in oil and gas prices resulting from global production and demand levels, as well as geopolitical tension, have exacerbated market volatility. In addition, social unrest, changes regarding immigration and work permit policies and other political and security concerns may not abate, which may cause the debt and equity capital markets and our business to be adversely affected both within and outside of regions experiencing ongoing conflicts. Market uncertainty and volatility have also been magnified as a result of the current U.S. presidential administration and ongoing uncertainties regarding actual and potential shifts in U.S. and foreign, trade, economic and other policies, including with respect to treaties and tariffs. In addition to impacting the capital markets, global economic, political and market conditions could have a significant adverse effect on our business, financial condition and results of operations. See “General Risk Factors— Difficult market and political conditions may adversely affect our businesses in many ways, including by reducing the value or hampering the performance of our investments or reducing our ability to raise or deploy capital, each of which could have a significant adverse effect on our business, financial condition and results of operations.” Equity capital may be difficult to raise during periods of adverse or volatile market conditions because, subject to some limited exceptions, as a BDC, we are generally not able to issue additional shares of our common stock at a price less than net asset value without first obtaining approval for such issuance from our stockholders and our independent directors. We generally seek approval from our stockholders so that we have the flexibility to issue up to 25% of our then outstanding shares of our common stock at a price below net asset value. Pursuant to approval granted at a special meeting of stockholders held on August 8, 2025, we are permitted to sell or otherwise issue shares of our common stock at a price below net asset value, subject to certain limitations and determinations that must be made by our board of directors. Such stockholder approval expires on August 8, 2026. Volatility and dislocation in the capital markets can also create a challenging environment in which to raise or access debt capital. Such conditions could make it difficult to extend the maturity of or refinance our existing indebtedness or obtain new indebtedness with similar terms and any failure to do so could have a material adverse effect on our business. The debt capital that we have raised over the last year has been at higher rates than we have raised debt at in the past due to the higher interest rate environment we have been experiencing. The debt capital that will be available to us in the future, if at all, may continue to be at a higher cost, including as a result of the current interest rate environment, and on less favorable terms and conditions than what we have historically experienced. If we are unable to raise or refinance debt, then our equity investors may not benefit from the potential for increased returns on equity resulting from leverage and we may be limited in our ability to make new commitments or to fund existing commitments to our portfolio companies. 26
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Significant disruption or volatility in the capital markets may also have a negative effect on the valuations of our investments. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). Significant disruption or volatility in the capital markets may also affect the pace of our investment activity and the potential for liquidity events involving our investments. Thus, the illiquidity of our investments may make it difficult for us to sell such investments to access capital if required, and as a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. An inability to raise or access capital could have a material adverse effect on our business, financial condition or results of operations. We are exposed to risks associated with changes in interest rates, including the current interest rate environment. General interest rate fluctuations may have a negative impact on our investments and our investment returns and, accordingly, may have a material adverse effect on our investment objective and our net investment income. The U.S. Federal Reserve (“Federal Reserve”) decreased the federal funds rate multiple times in 2025. Because we borrow money and may issue debt securities or preferred stock to make investments, our net investment income is dependent upon the difference between the rate at which we borrow funds or pay interest or dividends on such debt securities or preferred stock and the rate at which we invest these funds. In periods of declining interest rates, we may earn less interest income from investments and our cost of funds will also decrease, to a lesser extent, given certain of our currently outstanding indebtedness bears interest at fixed rates, resulting in lower net investment income. Conversely, in periods of rising interest rates, our interest income will increase as the majority of our portfolio bears interest at variable rates while our cost of funds will also increase, to a lesser extent, with the net impact being an increase to our net investment income, see “Item 7A. Quantitative and Qualitative Disclosures About Market Risk.” We have entered into certain hedging transactions, such as interest rate swaps, to mitigate our exposure to adverse fluctuations in interest rates, and we may do so again in the future. However, we cannot assure you that such transactions will be successful in mitigating our exposure to interest rate risk. There can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. See “Risks Relating to Our Investments—We may expose ourselves to risks if we engage in hedging transactions.” Our portfolio primarily consists of floating rate investments as opposed to fixed rate investments. Market prices tend to fluctuate more for fixed-rate securities that have longer maturities. Although we have no policy governing the maturities of our investments, under current market conditions we expect that we will invest in a portfolio of debt generally having maturities of up to 10 years. Market prices for debt that pays a fixed rate of return tend to decline as interest rates rise. This means that we are subject to greater risk (other things being equal) than a fund invested solely in shorter-term, fixed-rate securities. Market prices for floating rate investments may also fluctuate in rising rate environments with prices tending to decline when credit spreads widen. A decline in the prices of the debt we own could adversely affect our net assets resulting from operations and the market price of our common stock. Rising interest rates may also increase the cost of debt for our underlying portfolio companies, which could adversely impact their financial performance and ability to meet ongoing obligations to us. Also, an increase in interest rates available to investors could make an investment in our common stock less attractive if we are not able to pay dividends at a level that provides a similar return, which could reduce the value of our common stock. Inflation has adversely affected and may continue to adversely affect the business, results of operations and financial condition of our portfolio companies. Certain of our portfolio companies are in industries that have been or may be impacted by inflation. U.S. inflation rates have fluctuated in recent periods, and remain well above historical levels over the past several decades. Ongoing inflationary pressures have increased the costs of labor, energy and raw materials and have adversely affected consumer spending, economic growth and our portfolio companies’ operations. If these portfolio companies are unable to pass any increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on our loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future realized or unrealized losses and therefore reduce our net assets resulting from operations. See “—We are exposed to risks associated with changes in interest rates, including the current interest rate environment.” A failure on our part to maintain our status as a BDC may significantly reduce our operating flexibility. 27
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If we fail to maintain our status as a BDC, we might be regulated as a closed-end investment company that is required to register under the Investment Company Act, which would subject us to additional regulatory restrictions and significantly decrease our operating flexibility. In addition, any such failure could cause an event of default under our outstanding indebtedness, which could have a material adverse effect on our business, financial condition or results of operations. We are dependent upon certain key personnel of Ares for our future success and upon their access to other Ares investment professionals. We depend on the diligence, skill, judgment, network of business contacts and personal reputations of certain key personnel of the Ares Credit Group and our future success depends on their continued service. We also depend, to a significant extent, on access to the investment professionals of other groups within Ares, the information and deal flow generated by Ares’ investment professionals in the course of their investment and portfolio management activities, as well as the support of senior business operations professionals of Ares. The departure or misconduct of any of these individuals, or of a significant number of the investment professionals or partners of Ares, could have a material adverse effect on our business, financial condition or results of operations. In addition, we cannot assure you that Ares Capital Management will remain our investment adviser or that we will continue to have access to Ares’ investment professionals or its information and deal flow. Further, there can be no assurance that we will replicate our own, our affiliates’, or Ares’ historical success, and we caution that our investment returns could be substantially lower than the returns achieved by other Ares funds. Our financial condition and results of operations depend on our ability to manage future growth effectively. Our ability to achieve our investment objective depends on our ability to acquire suitable investments and monitor and administer those investments, which depends, in turn, on our investment adviser’s ability to identify, invest in and monitor companies that meet our investment criteria. Accomplishing this result on a cost-effective basis is largely a function of the structuring of our investment process and the ability of our investment adviser to provide competent, attentive and efficient services to us. Our executive officers and the members of our investment adviser’s U.S. direct lending investment committee have substantial responsibilities in connection with their roles at Ares and with other Ares funds as well as responsibilities under the investment advisory and management agreement. They may also be called upon to provide significant managerial assistance to certain of our portfolio companies. These demands on their time, which will increase as the number of investments grow, may distract them or slow the rate of investment. In order for us to grow, Ares will need to hire, train, supervise, manage and retain new employees. However, we cannot assure you that Ares will be able to do so effectively. Any failure to manage our future growth effectively could have a material adverse effect on our business, financial condition and results of operations. Our ability to grow depends on our ability to raise capital. We will need to periodically access the capital markets to raise cash to fund new investments in excess of our repayments, and we may also need to access the capital markets to refinance existing debt obligations to the extent such maturing obligations are not repaid with availability under our revolving credit facilities, which includes our senior secured revolving credit agreement, dated as of December 28, 2005 (as amended, the “Revolving Credit Facility”), our purchase and sale agreement, dated as of November 3, 2004 (as amended, the “Revolving Funding Facility”), our loan and servicing agreement, dated as of January 20, 2012 (as amended, the “SMBC Funding Facility”) and our revolving credit and security agreement, dated as of June 11, 2020 (as amended, the “BNP Funding Facility” and, together with the Revolving Credit Facility, the Revolving Funding Facility and the SMBC Funding Facility, the “Credit Facilities”) or cash flows from operations. We have elected to be treated as a RIC and operate in a manner so as to qualify for the U.S. federal income tax treatment applicable to RICs. Among other things, in order to maintain our RIC status, we must distribute to our stockholders on a timely basis generally an amount equal to at least 90% of our investment company taxable income, and, as a result, such distributions will not be available to fund investment originations or repay maturing debt. We must continue to borrow from financial institutions and issue additional securities to fund our growth. Unfavorable economic or capital market conditions may increase our funding costs, limit our access to the capital markets or could result in a decision by lenders not to extend credit to us. An inability to successfully access the capital markets may limit our ability to refinance our existing debt obligations as they come due and/or to fully execute our business strategy and could limit our ability to grow or cause us to have to shrink the size of our business, which could decrease our earnings, if any. See “—The capital markets may experience periods of disruption and instability. Such market conditions may materially and adversely affect the debt and equity capital markets, which may have a negative impact on our business and operations.” 28
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In addition, we are currently allowed to borrow amounts or issue debt securities or preferred stock, which we refer to collectively as “senior securities,” such that our asset coverage, as calculated pursuant to the Investment Company Act, equals at least 150% immediately after such borrowing (i.e., we are able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us). Such requirement, in certain circumstances, may restrict our ability to borrow or issue debt securities or preferred stock. The amount of leverage that we employ will depend on our investment adviser’s and our board of directors’ assessments of market and other factors at the time of any proposed borrowing or issuance of senior securities. We cannot assure you that we will be able to maintain or increase the amount available to us under our current Credit Facilities or to our portfolio companies under the Letter of Credit Facility (as defined below), obtain other lines of credit or issue senior securities at all or on terms acceptable to us. Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital. We may issue senior securities or borrow money from banks or other financial institutions, up to the maximum amount permitted by the Investment Company Act. As a BDC, we are currently permitted to incur indebtedness or issue senior securities only in amounts such that our asset coverage, as calculated pursuant to the Investment Company Act, equals at least 150% after each such incurrence or issuance (i.e., we are able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us). If the value of our assets declines, we may be unable to satisfy this test, which may prohibit us from paying dividends and could prevent us from maintaining our status as a RIC or may prohibit us from repurchasing shares of our common stock. In addition, our inability to satisfy this test could cause an event of default under our existing indebtedness. If we cannot satisfy this test, we may be required to sell a portion of our investments at a time when such sales may be disadvantageous and, depending on the nature of our leverage, repay a portion of our indebtedness. Accordingly, any failure to satisfy this test could have a material adverse effect on our business, financial condition or results of operations. As of December 31, 2025, our asset coverage calculated in accordance with the Investment Company Act was 189%. Also, to generate cash for funding new investments, we may in the future seek to issue additional debt or to securitize certain of our loans. The Investment Company Act may impose restrictions on the structure of any such securitization. We are not generally able to issue and sell our common stock at a price below net asset value per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the current net asset value per share of our common stock if our board of directors determines that such sale is in our best interests and the best interests of our stockholders, and our stockholders approve such sale. Any such sale would be dilutive to the net asset value per share of our common stock. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our board of directors, closely approximates the market value of such securities (less any commission or discount). If our common stock trades at a discount to net asset value, this restriction could adversely affect our ability to raise capital. Pursuant to approval granted at a special meeting of stockholders held on August 8, 2025, we are permitted to sell or otherwise issue shares of our common stock at a price below net asset value, subject to certain limitations and determinations that must be made by our board of directors. Such stockholder approval expires on August 8, 2026. We borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us. Borrowings, also known as leverage, magnify the potential for gain or loss on amounts invested and, therefore, increase the risks associated with investing in our securities. We currently borrow under the Credit Facilities and have issued or assumed other senior securities, and in the future may borrow from, or issue additional senior securities to, banks, insurance companies, funds, institutional investors and other lenders and investors. Lenders and holders of such senior securities have fixed dollar claims on our consolidated assets that are superior to the claims of our common stockholders or any preferred stockholders. If the value of our consolidated assets increases, then leveraging would cause the net asset value per share of our common stock to increase more sharply than it would have had we not incurred leverage. Conversely, if the value of our consolidated assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not incurred leverage. Similarly, any increase in our consolidated income in excess of consolidated interest payable on the borrowed funds would cause our net income to increase more than it would had we not incurred leverage, while any decrease in our consolidated income would cause net income to decline more sharply than it would have had we not incurred leverage. Such a decline could negatively affect our ability to make common stock dividend payments. There can be no assurance that a leveraging strategy will be successful. 29
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As of December 31, 2025, we had approximately $4.5 billion of outstanding borrowings under the Credit Facilities, our wholly owned consolidated subsidiary, Ares Direct Lending CLO 1 LLC (“ADL CLO 1”) had approximately $476 million in aggregate principal amount outstanding of the notes offered in the ADL CLO 1 debt securitization that mature on April 25, 2036 (collectively, the “April 2036 CLO Notes”), excluding the approximately $226 million of subordinated notes that mature on April 25, 2036 issued by ADL CLO 1 which were retained by us and eliminated in consolidation (the “April 2036 CLO Subordinated Notes”), our wholly owned consolidated subsidiary, Ares Direct Lending CLO 4 LLC (“ADL CLO 4”) had approximately $544 million in aggregate principal amount outstanding of the loans incurred in the ADL CLO 4 debt securitization that mature on October 24, 2036 (collectively, the “October 2036 CLO Secured Loans”), excluding the approximately $260 million of subordinated notes that mature on October 24, 2036 issued by ADL CLO 4 which were retained by us and eliminated in consolidation (the “October 2036 CLO Subordinated Notes”), our wholly owned consolidated subsidiary, Ares Direct Lending CLO 7 LLC (“ADL CLO 7”) had approximately $700 million in aggregate principal amount outstanding of the notes offered in the ADL CLO 7 debt securitization that mature on January 20, 2038 (collectively, the “January 2038 CLO Notes” and, together with the April 2036 CLO Notes and the October 2036 CLO Secured Loans, the “Debt Securitizations”), excluding the approximately $303 million of subordinated notes that mature on January 20, 2038 issued by ADL CLO 7 which were retained by us and eliminated in consolidation (the “January 2038 CLO Subordinated Notes”), and we had approximately $9.8 billion in aggregate principal amount outstanding of senior unsecured notes (we refer to each series of unsecured notes using the defined term set forth under the “Unsecured Notes” column of the table below and collectively referred to all such series, together with an additional issuance of unsecured notes as described in “Item 7. Management’s Discussion and Analysis of Financial Condition and Result of Operations—Recent Developments,” as well as Note 16 to our consolidated financial statements for the year ended December 31, 2025 below as the “Unsecured Notes”). (dollar amounts in millions)Unsecured Notes Aggregate PrincipalAmount Issued Effective Stated InterestRate Original Issuance Date Maturity Date January 2026 Notes $ 1,150 3.875% July 15, 2020 January 15, 2026 July 2026 Notes $ 1,000 2.150% January 13, 2021 July 15, 2026 January 2027 Notes(1) $ 900 6.331% August 3, 2023 January 15, 2027 June 2027 Notes $ 500 2.875% January 13, 2022 June 15, 2027 June 2028 Notes $ 1,250 2.875% June 10, 2021 June 15, 2028 March 2029 Notes(1) $ 1,000 5.895% January 23, 2024 March 1, 2029 July 2029 Notes(1) $ 850 5.393% May 13, 2024 July 15, 2029 September 2030 Notes(1) $ 750 5.643% June 3, 2025 September 1, 2030 January 2031 Notes $ 650 5.100% September 9, 2025 January 15, 2031 November 2031 Notes $ 700 3.200% November 4, 2021 November 15, 2031 March 2032 Notes $ 1,000 5.800% January 8, 2025 March 8, 2032 ________________________________________ (1) The effective stated interest rates of the January 2027 Notes, the March 2029 Notes, the July 2029 Notes and the September 2030 Notes include the impact of interest rate swaps. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Result of Operations—Recent Developments,” as well as Note 16 to our consolidated financial statements for the year ended December 31, 2025 for subsequent events relating to the January 2026 Notes and an additional issuance of unsecured notes. In addition, we and Deutsche Bank AG New York Branch (the “DB Issuer”) are party to an uncommitted continuing agreement (the “Letter of Credit Facility”). As of December 31, 2025, the DB Issuer had $218 million in letters of credit issued under the Letter of Credit Facility. In order for us to cover our annual interest payments on our outstanding indebtedness at December 31, 2025, we must achieve annual returns on our December 31, 2025 total assets of at least 2.5%. The weighted average stated interest rate charged on our principal amount of outstanding indebtedness as of December 31, 2025 was 4.9%. We intend to continue borrowing under the Credit Facilities in the future and we may increase the size of the Credit Facilities, the Letter of Credit Facility or issue additional debt securities or other evidences of indebtedness (although there can be no assurance that we will be successful in doing so). See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Recent Developments,” as well as Note 16 to our consolidated financial statements for the year ended December 31, 2025 for a subsequent event relating to an additional issuance of unsecured notes. For more information on our indebtedness, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Financial Condition, Liquidity 30
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and Capital Resources.” Our ability to service our debt depends largely on our financial performance and is subject to prevailing economic conditions and competitive pressures. The amount of leverage that we employ at any particular time will depend on our investment adviser’s and our board of directors’ assessments of market and other factors at the time of any proposed borrowing and is subject to our compliance with our asset coverage requirement following any such borrowing. The Credit Facilities, the Debt Securitizations and the Unsecured Notes impose financial and operating covenants that restrict our business activities, including limitations that could hinder our ability to finance additional loans and investments or to make the distributions required to maintain our status as a RIC. A failure to renew the Credit Facilities or to add new or replacement credit facilities or to issue additional debt securities or other evidences of indebtedness could have a material adverse effect on our business, financial condition and results of operations. The following table illustrates the effect on return to a holder of our common stock of the leverage created by our use of borrowing at the weighted average stated interest rate of 4.9% as of December 31, 2025, together with (a) our total value of net assets as of December 31, 2025; (b) approximately $16.0 billion in aggregate principal amount of indebtedness outstanding as of December 31, 2025 and (c) hypothetical annual returns on our portfolio of minus 10% to plus 10%. Assumed Return on Portfolio (Net of Expenses)(1) -10.00 % -5.00 % — % 5.00 % 10.00 % Corresponding Return to Common Stockholders(2) -27.25 % -16.34 % -5.44 % 5.47 % 16.38 % _______________________________________________________________________________ (1) The assumed portfolio return is required by SEC regulations and is not a prediction of, and does not represent, our projected or actual performance. Actual returns may be greater or less than those appearing in the table. Pursuant to SEC regulations, this table is calculated as of December 31, 2025. As a result, it has not been updated to take into account any changes in assets or leverage since December 31, 2025. (2) In order to compute the “Corresponding Return to Common Stockholders,” the “Assumed Return on Portfolio” is multiplied by the total value of our assets as of December 31, 2025 to obtain an assumed return to us. From this amount, the interest expense (calculated by multiplying the weighted average stated interest rate of 4.9% by the approximately $16.0 billion of principal outstanding debt as of December 31, 2025) is subtracted to determine the return available to stockholders. The return available to stockholders is then divided by the total value of our net assets as of December 31, 2025 to determine the “Corresponding Return to Common Stockholders.” In addition to regulatory requirements that restrict our ability to raise capital, the Credit Facilities, the Debt Securitizations and the Unsecured Notes contain various covenants that, if not complied with, could accelerate repayment under the Credit Facilities, the Debt Securitizations and the Unsecured Notes, thereby materially and adversely affecting our liquidity, financial condition and results of operations. The agreements governing the Credit Facilities, the Debt Securitizations and the Unsecured Notes require us to comply with certain financial and operational covenants. These covenants may include, among other things: • restrictions on the level of indebtedness that we are permitted to incur in relation to the value of our assets; • restrictions on our ability to incur liens; and • maintenance of a minimum level of stockholders’ equity. As of the date of this Annual Report, we are in compliance in all material respects with the covenants of the Credit Facilities, the Debt Securitizations and the Unsecured Notes. However, our continued compliance with these covenants depends on many factors, some of which are beyond our control. For example, depending on the condition of the public debt and equity markets and pricing levels, unrealized depreciation in our portfolio may increase in the future. Any such increase could result in our inability to comply with our obligation to restrict the level of indebtedness that we are able to incur in relation to the value of our assets or to maintain a minimum level of stockholders’ equity. Accordingly, although we believe we will continue to be in compliance, there are no assurances that we will continue to comply with the covenants in the Credit Facilities, the Debt Securitizations and the Unsecured Notes. Failure to comply with these covenants could result in a default under the Credit Facilities, the Debt Securitizations or the Unsecured Notes, that, if we were unable to obtain a waiver from the lenders or holders of such indebtedness, as applicable, such lenders or holders could 31
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accelerate repayment under such indebtedness and thereby have a material adverse impact on our business, financial condition and results of operations. We have formed and may in the future form CLOs, which subject us to certain structured financing risks. To finance certain investments, we have completed debt securitizations through collateralized loan obligations (“CLOs”) and may in the future securitize certain of our secured loans or other investments, including through the formation of one or more additional CLOs, while retaining all or most of the exposure to the performance of such investments. As of December 31, 2025, our consolidated subsidiaries had collectively completed three debt securitizations. ADL CLO 1 has approximately $476 million in aggregate principal amount of April 2036 CLO Notes issued and outstanding (excluding the April 2036 CLO Subordinated Notes). ADL CLO 4 has approximately $544 million in aggregate principal amount of October 2036 CLO Secured Loans issued and outstanding (excluding the October 2036 CLO Subordinated Notes). ADL CLO 7 has approximately $700 million in aggregate principal amount of January 2038 CLO Notes issued and outstanding (excluding the January 2038 CLO Subordinated Notes). Our current CLOs involve, and any additional CLOs would involve, a contribution by us of a pool of assets to a special purpose entity, and a sale of debt interests in such entity on a non-recourse or limited-recourse basis to purchasers. In addition, a decline in the credit quality of loans in a CLO due to poor operating results of the relevant borrower, declines in the value of loan collateral or increases in defaults, among other things, may force a CLO to sell certain assets at a loss, reducing their earnings and, in turn, cash potentially available for distribution to us for distribution to our stockholders. To the extent that any losses are incurred by the CLO in respect of any collateral, such losses will be borne first by the owner of equity interests in the CLO. The manager for a CLO that we create may be us, our investment adviser or an affiliate, and such manager may be entitled to receive compensation for structuring and/or management services. To the extent our investment adviser or an affiliate other than us serves as manager and we are obligated to compensate our investment adviser or the affiliate for such services, we, our investment adviser or the affiliate will implement offsetting arrangements to assure that we, and indirectly, our common stockholders, pay no additional management fee to our investment adviser or the affiliate in connection therewith. Our investment adviser serves as asset manager to ADL CLO 1, ADL CLO 4 and ADL CLO 7 under asset management agreements with such entities and is entitled to receive compensation for structuring and/or management services. Our investment adviser has agreed to waive any management fees from ADL CLO 1, ADL CLO 4 and ADL CLO 7. To the extent we serve as the manager to any CLOs, we will waive any right to receive fees for such services from us (and indirectly our common stockholders) or any affiliate. We operate in a highly competitive market for investment opportunities. A number of entities compete with us to make the types of investments that we make in middle-market companies. We compete with other BDCs, public and private funds, commercial and investment banks, commercial financing companies, insurance companies, hedge funds, and, to the extent they provide an alternative form of financing, private equity funds. Some of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. Some competitors may have a lower cost of funds and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than we do. Furthermore, many of our competitors are not subject to the regulatory restrictions that the Investment Company Act imposes on us as a BDC and that the Code imposes on us as a RIC. In addition, new competitors frequently enter the financing markets in which we operate. We cannot assure you that the competitive pressures we face will not have a material adverse effect on our business, financial condition and results of operations. Also, as a result of this competition, we may not be able to pursue attractive investment opportunities from time to time. We do not seek to compete primarily based on the interest rates we offer and we believe that some of our competitors may make loans with interest rates that are comparable to or lower than the rates we offer. Rather, we compete with our competitors based on our existing investment platform, seasoned investment professionals, experience and focus on middle-market companies, disciplined investment philosophy, extensive industry focus and flexible transaction structuring. For a more detailed discussion of these competitive advantages, see “Item 1. Business—Competitive Advantages.” We may lose investment opportunities if we do not match our competitors’ pricing, terms and structure. The loss of such investment opportunities may limit our ability to grow or cause us to have to shrink the size of our portfolio, which could decrease our earnings. If we match our competitors’ pricing, terms and structure, we may experience decreased net interest income and increased risk of credit loss. As a result of operating in such a competitive environment, we may make investments 32
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that are on less favorable terms than what we may have originally anticipated, which may impact our return on these investments. Our ability to enter into transactions with our affiliates is restricted. As a BDC, we are prohibited under the Investment Company Act from participating in certain transactions with certain of our affiliates without the prior approval of a majority of our independent directors and, in some cases, of the SEC. Among other things, any person that, directly or indirectly, owns, controls or holds with the power to vote 5% or more of our outstanding voting securities is an affiliate of ours for the purposes of the Investment Company Act. However, we may under certain circumstances purchase any such affiliate’s loans or securities in the secondary market, which could create a conflict for our investment adviser between our interests and the interests of such affiliate, in that the ability of our investment adviser to recommend actions in our best interest may be limited. We are generally prohibited from buying or selling any securities (other than our securities) from or to an affiliate. The Investment Company Act also prohibits us from participating in certain “joint” transactions with certain of our affiliates which could include investments in the same portfolio company (whether at the same or different times), without the prior approval of our independent directors and, in cases where the affiliate is presumed to control us (i.e., they own more than 25% of our voting securities), prior approval of the SEC. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates. As a result of these restrictions, we may be prohibited from buying or selling any security (other than our securities) from or to any portfolio company of a fund managed by any affiliate of our investment adviser, or entering into joint arrangements, such as certain co- investments with these companies or funds, without the prior approval of the SEC, which may limit the scope of investment opportunities that may otherwise be available to us. We rely on the Co-Investment Exemptive Order granted to us, our investment adviser and certain of our affiliates by the SEC that allows us to engage in co-investment transactions with other affiliated entities managed by our investment adviser, subject to certain conditions and requirements. As a result of investments permitted by the Co-Investment Exemptive Order, there could be significant overlap in our investment portfolio and the investment portfolios of affiliated entities that have an investment objective similar to ours and can rely on the Co-Investment Exemptive Order. We may also otherwise co-invest with funds managed by Ares or any of its downstream affiliates, subject to compliance with existing regulatory guidance, applicable regulations and our investment adviser’s allocation policy. There are significant potential conflicts of interest that could impact our investment returns. Conflicts may arise in allocating and structuring investments, time, services, expenses or resources among the investment activities of Ares funds, Ares, other Ares-affiliated entities and the employees of Ares. Certain of our executive officers and directors, and members of the U.S. direct lending investment committee of our investment adviser, serve or may serve as officers, directors or principals of other entities, including other Ares funds. These officers and directors will devote such portion of their time to our affairs as is required for the performance of their duties, but they are not required to devote all of their time to us. Accordingly, they may have obligations to investors in those entities, the fulfillment of which might not be in our or our stockholders’ best interests or may require them to devote time to services for other entities, which could interfere with the time available to provide services to us. Members of our investment adviser’s U.S. direct lending investment committee may have significant responsibilities for other Ares funds. Similarly, although the professional staff of our investment adviser will devote as much time to the management of us as appropriate to enable our investment adviser to perform its duties in accordance with the investment advisory and management agreement, the investment professionals of our investment adviser may have conflicts in allocating their time and services among us, and investment vehicles managed by our investment adviser or one or more of its affiliates. These activities could be viewed as creating a conflict of interest insofar as the time and effort of the professional staff of our investment adviser and its officers and employees will not be devoted exclusively to our business but will instead be allocated between our business and the management of these other investment vehicles. In addition, certain Ares funds may have investment objectives that compete or overlap with, and may from time to time invest in asset classes similar to those targeted by us. Consequently, we, and these other entities, may from time to time pursue the same or similar capital and investment opportunities. Pursuant to its investment allocation policy, Ares and its controlled affiliates, including our investment adviser, endeavor to allocate investment opportunities in a fair and equitable manner, and in any event consistent with any fiduciary duties owed to us. Nevertheless, it is possible that we may not be given the opportunity to participate in certain investments made by investment funds managed by investment managers affiliated with Ares (including our investment adviser) and, if given such opportunity, may not be allowed to participate in such investments without the prior approval of our directors who are not “interested persons” of the Company (as defined in the Investment Company Act) and, in some cases, the prior approval of the SEC. In addition, there may be conflicts in the allocation of investments among us and the funds managed by investment managers affiliated with Ares (including our investment adviser) 33
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or one or more of our controlled affiliates or among the funds they manage, including investments made pursuant to the Co-Investment Exemptive Order. Further, such other Ares funds may hold positions in portfolio companies in which we have also invested. Such investments may raise potential conflicts of interest between us and such other Ares funds, particularly if we and such other Ares funds invest in different classes or types of securities or investments of the same underlying portfolio company. In that regard, actions may be taken by such other Ares funds that are adverse to our interests, including, but not limited to, during a restructuring, bankruptcy or other insolvency proceeding or similar matter occurring at the underlying portfolio company. We have from time to time sold assets to IHAM and certain of the IHAM Vehicles and, as part of our investment strategy, we may offer to sell additional assets to vehicles managed by one or more of our affiliates (including IHAM) or we may purchase assets from vehicles managed by one or more of our affiliates (including IHAM). In addition, vehicles managed by one or more of our affiliates (including IHAM) may offer assets to or may purchase assets from one another. While assets may be sold or purchased at prices that are consistent with those that could be obtained from third parties in the marketplace, and although these types of transactions generally require approval of one or more independent parties, there may be an inherent conflict of interest in such transactions between us and funds managed by one of our affiliates (including our investment adviser). In addition, subject to the limitations of the Investment Company Act and conditions of the Co-Investment Exemptive Order, we may invest in loans, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other Ares funds. We pay a base management fee, an income based fee and a capital gains incentive fee to our investment adviser, and reimburse our investment adviser for certain expenses it incurs. Ares, from time to time, incurs fees, costs, and expenses on behalf of more than one fund. To the extent such fees, costs, and expenses are incurred for the account or benefit of more than one fund, each such fund will typically bear an allocable portion of any such fees, costs, and expenses in proportion to the size of its investment in the activity or entity to which such expense relates (subject to the terms of each fund’s governing documents) or in such other manner as Ares considers fair and equitable under the circumstances such as the relative fund size or capital available to be invested by such funds. Where a fund’s governing documents do not permit the payment of a particular expense, Ares will generally pay such fund’s allocable portion of such expense. In addition, investors in our common stock will invest on a gross basis and receive distributions on a net basis after expenses, resulting in, among other things, a lower rate of return than one might achieve if distributions were made on a gross basis. Our investment adviser’s base management fee is based on a percentage of our total assets (other than cash or cash equivalents but including assets purchased with borrowed funds) and, consequently, our investment adviser may have conflicts of interest in connection with decisions that could affect our total assets, such as decisions as to whether to incur indebtedness or to make future investments. We are currently allowed to borrow amounts subject to our compliance with our asset coverage requirement following any such borrowing. Accordingly, our investment adviser may have conflicts of interest in connection with decisions to use increased leverage permitted under our asset coverage requirement applicable to senior securities, as the incurrence of such additional indebtedness would result in an increase in the base management fee payable to our investment adviser and may also result in an increase in the income based fee and capital gains incentive fee payable to our investment adviser. The income based fee payable by us to our investment adviser that relates to our pre-incentive fee net investment income is computed and paid on income that may include income that is accrued but not yet received in cash. If a portfolio company defaults on a loan that is structured to provide accrued interest, it is possible that accrued interest previously used in the calculation of such fee will become uncollectible. Our investment adviser is not under any obligation to reimburse us for any part of the income based fee it receives that is based on accrued income that we never actually receive. Our investment advisory and management agreement renews for successive annual periods if approved by our board of directors or by the affirmative vote of the holders of a majority of our outstanding voting securities, including, in either case, approval by a majority of our directors who are not “interested persons” of us as defined in Section 2(a)(19) of the Investment Company Act. However, both we and our investment adviser have the right to terminate the agreement without penalty upon 60 days’ written notice to the other party. Moreover, conflicts of interest may arise if our investment adviser seeks to change the terms of our investment advisory and management agreement, including, for example, the terms for compensation to our investment adviser. While any material change to the investment advisory and management agreement must be submitted to stockholders for approval under the Investment Company Act, we may from time to time decide it is appropriate to seek stockholder approval to change the terms of the agreement. We are party to an administration agreement with our administrator, Ares Operations, a subsidiary of Ares Management, pursuant to which our administrator furnishes us with administrative services and we pay our administrator at cost our allocable portion of overhead and other expenses (including travel expenses) incurred by our administrator in 34
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performing its obligations under our administration agreement, including our allocable portion of the compensation, rent, and other expenses of certain of our officers (including our chief compliance officer, chief financial officer, chief accounting officer, general counsel, secretary, treasurer and assistant treasurer) and their respective staffs, but not investment professionals. Our wholly owned portfolio company, IHAM, is party to an administration agreement, referred to herein as the “IHAM administration agreement,” with Ares Operations. Pursuant to the IHAM administration agreement, our administrator provides IHAM with administrative services and IHAM reimburses our administrator for all of the actual costs associated with such services, including its allocable portion of our administrator’s overhead and the cost of our administrator’s officers and respective staff in performing its obligations under the IHAM administration agreement. Prior to entering into the IHAM administration agreement, IHAM was party to a services agreement with our investment adviser, pursuant to which our investment adviser provided similar services. As a result of the arrangements described above, there may be times when the management team of Ares Management (including those members of management focused primarily on managing us) has interests that differ from those of our stockholders, giving rise to a conflict. Additionally, the members of management focused on managing us will also manage other Ares funds, and, consequently, will need to devote significant attention and time to managing other Ares funds, in addition to us. Our stockholders may have conflicting investment, tax and other objectives with respect to their investments in us. The conflicting interests of individual stockholders may relate to or arise from, among other things, the nature of our investments, the structure or the acquisition of our investments, and the timing of dispositions of our investments. As a consequence, conflicts of interest may arise in connection with decisions made by our investment adviser, including with respect to the nature or structuring of our investments, that may be more beneficial for one stockholder than for another stockholder, especially with respect to stockholders’ individual tax situations. In selecting and structuring investments appropriate for us, our investment adviser will consider our investment and tax objectives and those of our stockholders, as a whole, not the investment, tax or other objectives of any stockholder individually. We may be subject to additional corporate-level income taxes if we fail to maintain our status as a RIC. We have elected to be treated as a RIC under the Code and operate in a manner so as to qualify for the U.S. federal income tax treatment applicable to RICs. As a RIC, we generally will not pay U.S. federal corporate-level income taxes on our income and net capital gains that we distribute to our stockholders as dividends on a timely basis. We will be subject to U.S. federal corporate-level income tax on any undistributed income and/or gains. To maintain our status as a RIC, we must meet certain source of income, asset diversification and annual distribution requirements. We may also be subject to certain U.S. federal excise taxes, as well as state, local and foreign taxes. To maintain our RIC status, we must timely distribute an amount equal to at least 90% of our investment company taxable income (as defined by the Code, which generally includes net ordinary income and net short term capital gains) to our stockholders (the “Annual Distribution Requirement”). We have the ability to pay a large portion of our dividends in shares of our stock, and as long as a portion of such dividend is paid in cash and other requirements are met, such stock dividends will be taxable as a dividend for U.S. federal income tax purposes. This may result in our U.S. stockholders having to pay tax on such dividends, even if no cash is received, and may result in our non-U.S. stockholders being subject to withholding tax in respect of amounts distributed in our stock. Because we use debt financing, we are subject to certain asset coverage ratio requirements under the Investment Company Act and financial covenants under our indebtedness that could, under certain circumstances, restrict us from making distributions necessary to qualify as a RIC. If we are unable to obtain cash from other sources, we may fail to maintain our status as a RIC and, thus, may be subject to corporate-level income tax on all of our income and/or gains. To maintain our status as a RIC, in addition to the Annual Distribution Requirement, we must also meet certain annual source of income requirements at the end of each taxable year and asset diversification requirements at the end of each calendar quarter. Failure to meet these requirements may result in our having to (a) dispose of certain investments quickly or (b) raise additional capital to prevent the loss of RIC status. Because most of our investments are in private companies and are generally illiquid, any such dispositions may be at disadvantageous prices and may result in losses. Also, the rules applicable to our qualification as a RIC are complex with many areas of uncertainty. Accordingly, no assurance can be given that we have qualified or will continue to qualify as a RIC. If we fail to maintain our status as a RIC for any reason and become subject to regular “C” corporation income tax, the resulting corporate-level income taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions. Such a failure would have a material adverse effect on us and on any investment in us. Certain provisions of the Code provide some relief from RIC disqualification due to failures of the source of income and asset diversification requirements, although there may be additional taxes due in such cases. We cannot assure you that we would qualify for any such relief should we fail the source of income or asset 35
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diversification requirements. In addition, because the relevant provisions of the Code may change, compliance with one or more of the RIC requirements may be impossible or impracticable. We may have difficulty paying our required distributions under applicable tax rules if we recognize income before or without receiving cash representing such income. For U.S. federal income tax purposes, we may be required to include in income certain amounts that we have not yet received in cash, such as original issue discount, which may arise, for example, if we receive warrants in connection with the making of a loan, or PIK interest representing contractual interest added to the loan principal balance and due at the end of the loan term. Such original issue discount or PIK interest is included in income before we receive any corresponding cash payments. We also may be required to include in income certain other amounts that we will not receive in cash, including, for example, amounts attributable to hedging and foreign currency transactions. Since, in certain cases, we may recognize income before or without receiving cash in respect of such income, we may have difficulty meeting the U.S. federal income tax requirement to distribute generally an amount equal to at least 90% of our investment company taxable income to maintain our status as a RIC. Accordingly, we may have to sell some of our investments at times we would not consider advantageous, raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements. If we are not able to obtain cash from other sources, we may fail to qualify as a RIC and thus be subject to additional corporate-level income taxes. Such a failure could have a material adverse effect on us and on any investment in us. Most of our portfolio investments are not publicly traded and, as a result, the fair value of these investments may not be readily determinable. A large percentage of our portfolio investments are not publicly traded. The fair value of investments that are not publicly traded may not be readily determinable. We value these investments at least quarterly at fair value as determined in good faith by our investment adviser, as the valuation designee, subject to the oversight of our board of directors, based on, among other things, the input of IVPs that have been engaged to support the valuation of such portfolio investments quarterly, beginning as of the third quarter after origination (with certain de minimis exceptions) and under a valuation policy and a consistently applied valuation process. The valuation process is conducted at the end of each fiscal quarter by the investment adviser, and substantially all investments in our portfolio at fair value are subject to review by an IVP each quarter. However, we may use these IVPs to review the value of our investments more frequently, including in connection with the occurrence of significant events or changes in value affecting a particular investment. In addition, our independent registered public accounting firm obtains an understanding of, and performs select procedures relating to, our valuation process within the context of performing our integrated audit. The types of factors that may be considered in valuing our investments include the enterprise value of the portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent sale occurs, our investment adviser considers the pricing indicated by the external event to corroborate its valuation. Because such valuations, and particularly valuations of private investments and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, our investment adviser’s determinations of fair value may differ materially from the values that would have been used if a ready market for these investments existed and may differ materially from the values that we may ultimately realize. Our net asset value per share could be adversely affected if our investment adviser’s determinations regarding the fair value of these investments are higher than the values that we realize upon disposition of such investments. 36
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The lack of liquidity in our investments may adversely affect our business. As we generally make investments in private companies, substantially all of these investments are subject to legal and other restrictions on resale or are otherwise less liquid than publicly traded securities. The illiquidity of our investments may make it difficult for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we could realize significantly less than the value at which we have recorded our investments or could be unable to dispose of our investments in a timely manner. In addition, we may face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we or an affiliated manager of Ares has material non-public information regarding such portfolio company. Our financial condition and results of operations could be negatively affected if a significant investment fails to perform as expected. Our investment portfolio includes investments that may be significant individually or in the aggregate. If a significant investment in one or more companies fails to perform as expected, such a failure could have a material adverse effect on our business, financial condition and operating results, and the magnitude of such effect could be more significant than if we had further diversified our portfolio. Our investment portfolio includes our investment in IHAM, a wholly owned portfolio company, which as of December 31, 2025, represented 8.3% of our total portfolio at fair value. In addition, for the year ended December 31, 2025, approximately 9.8% of our total investment income was earned from our investment in IHAM. For more information, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Portfolio and Investment Activity—Ivy Hill Asset Management, L.P.” and Note 4 to our consolidated financial statements for the year ended December 31, 2025. Increasing scrutiny from stakeholders and regulators with respect to sustainability—or ESG—matters may impose additional costs and expose us to additional risks. Our business (including that of our portfolio companies) faces increasing public scrutiny related to ESG activities. A variety of organizations measure the performance of companies on ESG topics, and the results of these assessments are widely publicized. Certain institutional investors may consider such ESG ratings and measures in making their investment decisions. If our ESG ratings or performance do not meet the standards set by such investors or our stockholders, they may choose to exclude our securities from their investments. We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, including, but not limited to human rights, climate change and environmental stewardship, support for local communities, corporate governance and transparency, or consideration of ESG factors in our investment processes. Adverse incidents with respect to ESG activities could impact the value of our brand, our relationship with existing and future portfolio companies, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations. Moreover, in recent years “anti-ESG” sentiment has gained momentum across the U.S., with several states, the executive branch and federal agencies, and Congress having proposed, enacted or indicated an intent to pursue “anti-ESG” policies, legislation or initiatives, issued related legal opinions and pursued related investigations and litigation. If investors subject to “anti-ESG” legislation view our investment adviser’s responsible investing or ESG practices as being in contradiction of such “anti-ESG” policies, legislation or legal opinions, such investors may not invest in us and it could negatively impact the price of our common stock. In addition, corporate diversity, equity and inclusion (“DEI”) practices have recently come under increasing scrutiny. Further, some groups and federal and state officials have asserted that the U.S. Supreme Court’s decision striking down race-based affirmative action in higher education in June 2023 should be analogized to private employment matters and private contract matters. Several media campaigns and cases alleging discrimination based on such arguments have been initiated since the decision and in January 2025, the Trump Administration signed a number of Executive Orders focused on DEI, which caution the private sector to end “illegal DEI discrimination and preferences” and preview upcoming compliance investigations of private entities with respect to DEI initiatives, including publicly traded companies. Agencies across the federal government, including the Department of Justice, the Federal Communications Commission, and the Equal Employment Opportunity Commission, have been focusing on DEI-related investigations and enforcement. It is uncertain how the interpretation, application, and enforcement of laws (including U.S. state and federal nondiscrimination laws), policies, and public sentiment related to DEI will evolve, and it may become increasingly challenging to establish global DEI-related policies and programs that meet the varied laws, policies, and norms of different jurisdictions. If we do not successfully manage 37
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expectations across varied stakeholder interests, it could erode stakeholder trust, impact our reputation and constrain our investment opportunities. Such scrutiny of both ESG and DEI related practices could expose our investment adviser to the risk of litigation, investigations or challenges by federal or state authorities or result in reputational harm. New and evolving and sometimes conflicting sustainability/ESG regulations and disclosure expectations could increase our compliance costs and expose us to enforcement, litigation, or fundraising constraints. Certain regulations related to ESG that are applicable to us and our portfolio companies could adversely affect our business. For example, the European Commission’s “action plan on financing sustainable growth” (“Action Plan”) is designed to, among other things, define and reorient investment toward more sustainable economic activities. The Action Plan contemplates, among other things: establishing European Union (the “EU”) labels for green financial products; clarifying asset managers’ and institutional investors’ duties regarding ESG in their investment decision-making processes; increasing disclosure requirements in the financial services sector around ESG and increasing the transparency of companies on their ESG policies and related processes and management systems; and introducing a ‘green supporting factor’ in the EU prudential rules for banks and insurance companies to incorporate climate risks into banks’ and insurance companies’ risk management policies. Moreover, on January 5, 2023, the Corporate Sustainability Reporting Directive (“CSRD”) came into effect. CSRD amends and strengthens the rules introduced on ESG reporting for companies, banks and insurance companies under the Non-Financial Reporting Directive (2014/95/EU) (“NFRD”). CSRD requires companies to produce detailed and prescriptive reports on ESG-related matters within their financial statements. CSRD is a novel regime and applicable scoping thresholds, the date of application and the substance of reporting requirements have been subject to a regulatory amendment process and are expected to be subject to further processes to refine the relevant requirements, including subsequent rule making and regulatory clarifications. There can be no assurance that developments with respect to CSRD will not adversely affect our assets or the returns from those assets. One or more of our portfolio companies may fall within scope of CSRD and this may lead to increased management burdens and costs. There is a risk that a significant reorientation in the market following the implementation of these regulations could be adverse to our portfolio companies if they are perceived to be less valuable as a consequence of, e.g., their carbon footprint or allegations or evidence of “greenwashing” (i.e., the holding out of a product as having green or sustainable characteristics where this is not, in fact, the case). We and our portfolio companies are subject to the risk that similar measures might be introduced in other jurisdictions in the future. Compliance with any new laws or regulations increases our regulatory burden and could result in increased legal, accounting and compliance costs, make some activities more difficult, time-consuming and costly, affect the manner in which we or our portfolio companies conduct our businesses and adversely affect our profitability. Climate change and related transition and physical risks could adversely affect our operations and those of our portfolio companies and increase costs (including insurance costs). Climate change is widely considered to be a significant threat to the global economy. Our business operations and our portfolio companies may face risks associated with climate change, including risks related to the impact of climate-related legislation and regulation (both domestically and internationally), risks related to climate-related business trends (such as the process of transitioning to a lower-carbon economy), and risks stemming from the physical impacts of climate change, such as the increasing frequency or severity of extreme weather events (including wildfires, droughts, hurricanes and floods) and rising sea levels and temperatures. These events and the disruptions they cause, alone or in combination, could also lead to increased costs of insurance for us and/or our portfolio companies. We, our executive officers, directors, and our investment adviser, its affiliates and/or any of their respective principals and employees could be the target of litigation or regulatory investigations. We, as well as our investment adviser and its affiliates, participate in a highly regulated industry and are each subject to regulatory examinations in the ordinary course of business. There can be no assurance that we, our executive officers, directors, and our investment adviser, its affiliates and/or any of their respective principals and employees will avoid regulatory investigation and possible enforcement actions stemming therefrom. Our investment adviser is a registered investment adviser and, as such, is subject to the provisions of the Advisers Act. We and our investment adviser are each, from time to time, subject to formal and informal examinations, investigations, inquiries, audits and reviews from numerous regulatory authorities both in response to issues and questions raised in such examinations or investigations and in connection with the changing priorities of the applicable regulatory authorities across the market in general. In addition, any leadership changes or reforms at U.S. federal regulatory agencies with oversight over our industry may impose additional costs or result in other limitations on us. 38
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We, our executive officers, directors, and our investment adviser, its affiliates and/or any of their respective principals and employees could also be named as defendants in, or otherwise become involved in, litigation. Litigation and regulatory actions can be time-consuming and expensive and can lead to unexpected losses, which expenses and losses are often subject to indemnification by us. Legal proceedings could continue without resolution for long periods of time and their outcomes, which could materially and adversely affect our value or the ability of our investment adviser to manage us, are often impossible to anticipate. Our investment adviser would likely be required to expend significant resources responding to any litigation or regulatory action related to it, and these actions could be a distraction to the activities of our investment adviser. Our investment activities are subject to the normal risks of becoming involved in litigation by third parties. These risks would be somewhat greater if we were to exercise control or significant influence over a portfolio company’s direction. The expense of defending against claims by third parties and paying any amounts pursuant to settlements or judgments would, absent willful misfeasance, bad faith, gross negligence (with respect to the performance of duties or obligations under the investment advisory and management agreement), negligence (with respect to the performance of duties or obligations under the administration agreement), or reckless disregard of the duties and obligations under the investment advisory and management agreement or administration agreement, as applicable, in each case, as applicable, by our investment adviser, our administrator, any of their respective members and any of their respective officers, managers, partners, agents, employees, controlling persons, members and any other affiliated persons, or any of our officers, be borne by us and would reduce our net assets. Our investment adviser and others are indemnified by us in connection with such litigation, subject to certain conditions. In recent periods, there has been increased activity by certain activist and other organized groups in opposition to certain investments made by and activities of private funds. Such groups may contact or otherwise seek to engage with government and regulatory bodies and fund investors, including public pension funds, to criticize or challenge certain investments, which could lead to negative publicity that could harm our or our investment adviser's reputation. In addition, partially as a result of certain high profile defaults and bankruptcies, there has also been increased negative publicity with respect to the private credit industry. Although neither we nor our investment adviser have been involved in those particular defaults and bankruptcies, the negative publicity and concerns surrounding the private credit industry generally could in the future harm our or our investment adviser's reputation, adversely affect our borrower or investor relationships and fundraising efforts and create pressure on the trading price of our common stock. Changes in laws or regulations governing our operations or the operations of our portfolio companies, changes in the interpretation thereof or enacted laws or regulations could require changes to certain business practices of us or our portfolio companies, negatively impact the operations, cash flows or financial condition of us or our portfolio companies, impose additional costs on us or our portfolio companies or otherwise adversely affect our business or the business of our portfolio companies. We and our portfolio companies are subject to regulation by laws and regulations at the local, state, federal and, in some cases, foreign levels. These laws and regulations, as well as their interpretation, may be changed from time to time, and new laws and regulations may be enacted. Accordingly, any change in these laws or regulations, changes in their interpretation, or enacted laws or regulations could require changes to certain business practices of us or our portfolio companies, negatively impact the operations, cash flows or financial condition of us or our portfolio companies, impose additional costs on us or our portfolio companies or otherwise adversely affect our business or the business of our portfolio companies. Over the past several years, there also has been increasing regulatory attention to the extension of credit outside of the traditional banking sector, raising the possibility that some portion of the non-bank financial sector may be subject to new regulation. While it cannot be known at this time whether any regulation will be implemented or what form it will take, increased regulation of non-bank lending could be materially adverse to our business, financial condition and results of operations. Regulators are also increasing scrutiny and implementing and considering regulation of the use of artificial intelligence technologies, including with respect to uses of artificial intelligence by investment advisers. While comprehensive U.S. regulation has not been enacted to date, various U.S. governmental agencies and departments, including the SEC and Department of the Treasury, have recently released reports or otherwise indicated interest in assessing risks relating to uses of artificial intelligence by businesses such as ours. Some specific laws governing artificial intelligence have already been passed in certain U.S. states and in the EU. We cannot predict what, if any, effects this may have on our business or the nature of future regulations. Additionally, legislative or other actions relating to taxes could have a negative effect on us. The rules dealing with U.S. federal income taxation are constantly under review by legislators and by the Internal Revenue Service (“IRS”) and the U.S. Treasury Department. We cannot predict how future tax proposals and changes in U.S. tax laws, rates, regulations or other guidance issued under existing tax laws, might affect us, our business, our stockholders, or our portfolio companies in the long- 39
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term. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect our business or the business of our portfolio companies or could have other adverse consequences. For example, such decisions and legislation may impact our ability to qualify for tax treatment as a RIC or negatively affect the U.S. federal income tax consequences applicable to us and our stockholders as a result of such qualification. Stockholders are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our securities. Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us. The United States has enacted and proposed to enact significant new tariffs. Additionally, President Trump has directed various federal agencies to further evaluate key aspects of U.S. trade policy and there has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict our portfolio companies' access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us. Our investment adviser’s liability is limited under the investment advisory and management agreement, and we are required to indemnify our investment adviser against certain liabilities, which may lead our investment adviser to act in a riskier manner on our behalf than it would when acting for its own account. Our investment adviser has not assumed any responsibility to us other than to render the services described in the investment advisory and management agreement, and it will not be responsible for any action of our board of directors in declining to follow our investment adviser’s advice or recommendations. Pursuant to the investment advisory and management agreement, our investment adviser and its members and their respective officers, managers, partners, agents, employees, controlling persons and members and any other persons affiliated with it will not be liable to us for their acts under the investment advisory and management agreement, absent willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. We have agreed to indemnify, defend and protect our investment adviser and its members and their respective officers, managers, partners, agents, employees, controlling persons and members and any other persons or entities affiliated with it with respect to all damages, liabilities, costs and expenses arising out of or otherwise based upon the performance of any of our investment adviser’s duties or obligations under the investment advisory and management agreement or otherwise as an investment adviser for us, and not arising out of willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties under the investment advisory and management agreement. These protections may lead our investment adviser to act in a riskier manner when acting on our behalf than it would when acting for its own account. See “Risks Relating to Our Investments—Our investment adviser’s fee structure may create an incentive for it to make certain investments on our behalf, including speculative investments.” We may be obligated to pay our investment adviser certain fees even if we incur a loss. Our investment adviser is entitled to an income based fee for each fiscal quarter in an amount equal to a percentage of the excess of our pre-incentive fee net investment income for that quarter (before deducting any income based fee and capital gains incentive fee and certain other items) above a threshold return for that quarter. Our pre-incentive fee net investment income for income based fee purposes excludes realized and unrealized capital losses or depreciation and income taxes related to realized gains that we may incur in the fiscal quarter, even if such capital losses or depreciation and income taxes related to realized gains result in a net loss on our statement of operations for that quarter. Thus, we may be required to pay our investment adviser an income based fee for a fiscal quarter even if there is a decline in the value of our portfolio or the net asset value of our common stock or we incur a net loss for that quarter. Under the investment advisory and management agreement, we will defer cash payment of any income based fee and the capital gains incentive fee otherwise earned by our investment adviser if, during the most recent four full calendar quarter periods ending on or prior to the date such payment is to be made, the sum of (a) our aggregate distributions to our stockholders and (b) our change in net assets (defined as total assets less indebtedness and before taking into account any income based fee or capital gains incentive fee accrued during the period) is less than 7.0% of our net assets (defined as total assets less indebtedness) at the beginning of such period. These calculations will be adjusted for any share issuances or repurchases. Any such deferred fees will be carried over for payment in subsequent calculation periods to the extent such payment can then be made under the investment advisory and management agreement. 40
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If a portfolio company defaults on a loan that is structured to provide interest, it is possible that accrued and unpaid interest previously used in the calculation of the income based fee will become uncollectible. Our investment adviser is not under any obligation to reimburse us for any part of an income based fee it received that was based on accrued income that we never receive. We are highly dependent on the information systems of Ares Management and operational risks including systems failures could significantly disrupt our business, result in losses or limit our growth, which may, in turn, negatively affect the market price of our common stock and our ability to pay dividends. Our business is highly dependent on communications and information systems of Ares Management, the parent of our investment adviser and our administrator. In this Annual Report, we sometimes refer to hardware, software, information, communications and artificial intelligence systems or programs maintained by Ares Management and used by us, our investment adviser and our administrator as “our” systems. We also face operational risk from transactions and key data not being properly recorded, evaluated or accounted for with respect to our portfolio companies. In addition, we face operational risk from errors made in the execution, confirmation or settlement of transactions. In particular, our investment adviser is highly dependent on its ability to process and evaluate, on a daily basis, transactions across markets and geographies in a time-sensitive, efficient and accurate manner. Consequently, we and our investment adviser and administrator rely heavily on Ares Management’s financial, accounting and other data processing systems. In addition, we operate in a business that is highly dependent on information systems and technology. Ares Management’s and our information systems and technology may not continue to be able to accommodate our growth, and the cost of maintaining the information systems and technology, which may be partially allocated to or borne by us, may increase from its current level. Such a failure to accommodate growth, or an increase in costs related to the information systems and technology, could have a material adverse effect on our business and results of operations. Furthermore, a disaster or a disruption in the infrastructure that supports our businesses, including a disruption involving electronic communications, human resources systems or other services used by us, our investment adviser, our administrator or third parties with whom we conduct business could have a material adverse effect on our ability to continue to operate our businesses without interruption. Although we and Ares Management have disaster recovery programs in place, these may not be sufficient to mitigate the harm that may result from such a disaster or disruption. In addition, insurance and other safeguards might only partially reimburse us for any losses as a result of such a disaster or disruption, if at all. We and Ares Management also rely on third-party service providers for certain aspects of our respective businesses, including for certain information systems, technology and administration of our portfolio company investments and compliance matters. Operational risks could increase as vendors increasingly offer mobile and cloud-based software services rather than software services that can be operated within Ares Management’s own data centers, as certain aspects of the security of such technologies may be complex, unpredictable or beyond our or Ares Management’s control, and any failure by mobile technology or cloud service providers to adequately safeguard their systems and prevent cyber- attacks could disrupt our operations and result in misappropriation, corruption or loss of confidential, proprietary or personal information. In addition, our counterparties’ information systems, technology or accounts may be the target of cyber-attacks. Any interruption or deterioration in the performance of these third parties or the service providers of our counterparties or failures or vulnerabilities of their respective information systems or technology could impair the quality of our funds’ operations and could impact our reputation, adversely affect our businesses and limit our ability to grow. 41
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RISKS RELATING TO OUR INVESTMENTS Declines in market prices and liquidity in the corporate debt markets can result in significant net unrealized depreciation of our portfolio, which in turn would reduce our net asset value. As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined in good faith by our investment adviser, as the valuation designee, subject to the oversight of our board of directors. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. Our investment adviser may take into account the following types of factors, if relevant, in determining the fair value of our investments: the enterprise value of a portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, theportfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to similar publicly traded securities, changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent sale occurs, our investment adviser considers the pricing indicated by the external event to corroborate its valuation. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). As a result, volatility in the capital markets can also adversely affect our investment valuations. Decreases in the market values or fair values of our investments are recorded as unrealized depreciation. The effect of all of these factors on our portfolio can reduce our net asset value (and, as a result our asset coverage calculation) by increasing net unrealized depreciation in our portfolio. Depending on market conditions, we could incur substantial realized and/or unrealized losses, which could have a material adverse effect on our business, financial condition or results of operations. Economic recessions or downturns could impair our portfolio companies and harm our operating results. In recent years, the macroeconomic environment has experienced uncertainty related to evolving tariff and trade policies, geopolitical tensions, inflationary pressures, labor market shortages and disputes, changes in interest rates, supply chain disruptions, foreign currency fluctuations, and periods of volatility in global capital markets. The risks associated with our and our portfolio companies’ businesses are more severe during periods of economic slowdown or recession. Many of our portfolio companies may be susceptible to economic downturns or recessions and may be unable to repay our loans during these periods. Therefore, during these periods our non-performing assets may increase and the value of our portfolio may decrease if we are required to write down the values of our investments. Adverse economic conditions may also decrease the value of collateral securing some of our loans and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing investments and harm our operating results. We experienced to some extent such effects as a result of past economic downturns, including those occurring during portions of 2020 through 2024 and 2008 through 2009, and may experience such effects again in any future downturn or recession. A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, acceleration of the time when the loans are due and foreclosure on its assets representing collateral for its obligations, which could trigger cross defaults under other agreements and jeopardize our portfolio company’s ability to meet its obligations under the debt investments that we hold and the value of any equity securities we own. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. Investments in privately held middle-market companies involve significant risks. We primarily invest in privately held U.S. middle-market companies. Investments in privately held middle-market companies involve a number of significant risks, including the following: • these companies may have limited financial resources and may be unable to meet their obligations, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing our investment; 42
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• they typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns; • they typically depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse effect on such portfolio company and, in turn, on us; • there is generally little public information about these companies. These companies and their financial information are generally not subject to the Exchange Act and other regulations that govern public companies, and we may be unable to uncover all material information about these companies, which may prevent us from making a fully informed investment decision and cause us to lose money on our investments; • they generally have less predictable operating results and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position; • we, our executive officers, directors and our investment adviser, its affiliates and/or any of their respective principals and employees may, in the ordinary course of business, be named as defendants in litigation arising from our investments in our portfolio companies and may, as a result, incur significant costs and expenses in connection with such litigation; • changes in laws and regulations (including the tax laws), as well as their interpretations, may adversely affect their business, financial structure or prospects; and • they may have difficulty accessing the capital markets to meet future capital needs. Our debt investments may be risky and we could lose all or part of our investment. The debt that we invest in is typically not initially rated by any rating agency, but we believe that if such investments were rated, they would be below investment grade (rated lower than “Baa3” by Moody’s Investors Service, lower than “BBB-” by Fitch Ratings or lower than “BBB-” by Standard & Poor’s Ratings Services), which under the guidelines established by these entities is an indication of having predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. Bonds that are rated below investment grade are sometimes referred to as “high yield bonds” or “junk bonds.” Therefore, our investments may result in an above average amount of risk and volatility or loss of principal. While the debt we invest in is often secured, such security does not guarantee that we will receive principal and interest payments according to the terms of the loan, or that the value of any collateral will be sufficient to allow us to recover all or a portion of the outstanding amount of the loan should we be forced to enforce our remedies. Some of the loans in which we may invest may be “covenant-lite” loans, which means the loans contain fewer covenants than other loans (in some cases, none) and may not include terms which allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. An investment by us in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. We may also experience delays in enforcing our rights under covenant-lite loans. As a result of these risks, our exposure to losses may be increased, which could result in an adverse impact on our net income and net asset value. We also may invest in assets other than first and second lien and subordinated debt investments, including high-yield securities, U.S. government securities, credit derivatives and other structured securities and certain direct equity investments. These investments entail additional risks that could adversely affect our investment returns. Investments in equity securities, many of which are illiquid with no readily available market, involve a substantial degree of risk. We may purchase common stock and other equity securities. Although common stock has historically generated higher average total returns than fixed income securities over the long-term, common stock also has experienced significantly more volatility in those returns. The equity securities we acquire may fail to appreciate and may decline in value or become worthless and our ability to recover our investment will depend on the underlying portfolio company’s success. Investments in equity securities involve a number of significant risks, including: 43
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• any equity investment we make in a portfolio company could be subject to further dilution as a result of the issuance of additional equity interests and to serious risks as a junior security that will be subordinate to all indebtedness (including trade creditors) or senior securities in the event that the issuer is unable to meet its obligations or becomes subject to a bankruptcy process; • to the extent that the portfolio company requires additional capital and is unable to obtain it, we may not recover our investment; and • in some cases, equity securities in which we invest will not pay current dividends, and our ability to realize a return on our investment, as well as to recover our investment, will be dependent on the success of the portfolio company. Even if the portfolio company is successful, our ability to realize the value of our investment may be dependent on the occurrence of a liquidity event, such as a public offering or the sale of the portfolio company. It is likely to take a significant amount of time before a liquidity event occurs or we can otherwise sell our investment. In addition, the equity securities we receive or invest in may be subject to restrictions on resale during periods in which it could be advantageous to sell them. There are special risks associated with investing in preferred securities, including: • preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer. If we own a preferred security that is deferring its distributions, we may be required to report income for tax purposes before we receive such distributions; • preferred securities are subordinated to debt in terms of priority to income and liquidation payments, and therefore will be subject to greater credit risk than debt; • preferred securities may be substantially less liquid than many other securities, such as common stock or U.S. government securities; and • generally, preferred security holders have no voting rights with respect to the issuing company, subject to limited exceptions. Additionally, when we invest in first lien senior secured loans (including “unitranche” loans, which are loans that combine both senior and subordinated loans, generally in a first lien position), second lien senior secured loans or subordinated debt, we may acquire warrants or other equity securities as well. Our goal is ultimately to dispose of such equity interests and realize gains upon our disposition of such interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience. We may invest, to the extent permitted by law, in the equity securities of investment funds that are operating pursuant to certain exceptions to the Investment Company Act and in advisers to similar investment funds and, to the extent we so invest, will bear our ratable share of any such company’s expenses, including management and performance fees. We will also remain obligated to pay the base management fee, income based fee and capital gains incentive fee to our investment adviser with respect to the assets invested in the securities and instruments of such companies. With respect to each of these investments, each of our common stockholders will bear their share of the base management fee, income based fee and capital gains incentive fee due to our investment adviser as well as indirectly bearing the management and performance fees and other expenses of any such investment funds or advisers. There may be circumstances in which our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims. If one of our portfolio companies were to go bankrupt, even though we may have structured our interest as senior debt, depending on the facts and circumstances, a bankruptcy court might recharacterize our debt holding as an equity investment and subordinate all or a portion of our claim to that of other creditors. In addition, lenders can be subject to lender liability claims for actions taken by them where they become too involved in the borrower’s business or exercise control over the borrower. For example, we could become subject to a lender’s liability claim, if, among other things, we actually render significant managerial assistance. Our portfolio companies may incur debt or issue equity securities that rank equally with, or senior to, our investments in such companies. 44
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Our portfolio companies may have, or may be permitted to incur, other debt, or issue other equity securities, that rank equally with, or senior to, our investments. By their terms, such instruments may provide that the holders are entitled to receive payment of dividends, interest or principal on or before the dates on which we are entitled to receive payments in respect of our investments. These debt instruments would usually prohibit the portfolio companies from paying interest on or repaying our investments in the event and during the continuance of a default under such debt. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of securities ranking senior to our investment in that portfolio company typically are entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying such holders, the portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of securities ranking equally with our investments, we would have to share on an equal basis any distributions with other security holders in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company. The rights we may have with respect to the collateral securing any junior priority loans we make to our portfolio companies may also be limited pursuant to the terms of one or more intercreditor agreements (including agreements governing “first out” and “last out” structures) that we enter into with the holders of senior debt. Under such an intercreditor agreement, at any time that senior obligations are outstanding, we may forfeit certain rights with respect to the collateral to the holders of the senior obligations. These rights may include the right to commence enforcement proceedings against the collateral, the right to control the conduct of such enforcement proceedings, the right to approve amendments to collateral documents, the right to release liens on the collateral and the right to waive past defaults under collateral documents. We may not have the ability to control or direct such actions, even if as a result our rights as junior lenders are adversely affected. When we are a debt or minority equity investor in a portfolio company, we are often not in a position to exert influence on the entity, and other equity holders and management of the company may make decisions that could decrease the value of our investment in such portfolio company. When we make debt or minority equity investments, we are subject to the risk that a portfolio company may make business decisions with which we disagree and the other equity holders and management of such company may take risks or otherwise act in ways that do not serve our interests. As a result, a portfolio company may make decisions that could decrease the value of our investment. Our portfolio companies may be highly leveraged. Some of our portfolio companies may be highly leveraged, which may have adverse consequences to these companies and to us as an investor. These companies may be subject to restrictive financial and operating covenants and the leverage may impair these companies’ ability to finance their future operations and capital needs. As a result, these companies’ flexibility to respond to changing business and economic conditions and to take advantage of business opportunities may be limited. Further, a leveraged company’s income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used. Our investment adviser’s fee structure may create an incentive for it to make certain investments on our behalf, including speculative investments. The fees payable by us to our investment adviser may create an incentive for our investment adviser to make investments on our behalf that are risky or more speculative than would be the case in the absence of such compensation arrangement. The way in which the income based fee payable to our investment adviser is determined, which is calculated as a percentage of the return on invested capital, may encourage our investment adviser to use leverage to increase the return on our investments. Under certain circumstances, the use of leverage may increase the likelihood of default, which would disfavor the holders of our common stock and the holders of securities convertible into our common stock. In addition, our investment adviser will receive the capital gains incentive fee based, in part, upon net capital gains realized on our investments. Unlike the income based fee, there is no hurdle rate applicable to the capital gains incentive fee. As a result, our investment adviser may have a tendency to invest more in investments that are likely to result in capital gains as compared to income producing securities. Such a practice could result in our investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during economic downturns. The income based fee is computed and paid on income that has been accrued but not yet received in cash, including as a result of investments with a deferred interest feature such as debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities. If a portfolio company defaults on a loan that is structured to provide accrued interest, it is possible that accrued interest previously used in the calculation of the income based fee will become uncollectible. Our 45
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investment adviser is not under any obligation to reimburse us for any part of the fees it received that were based on such accrued income that we never actually received. Because of the structure of the income based fee, it is possible that we may have to pay an income based fee in a quarter during which we incur a loss. For example, if we receive pre-incentive fee net investment income in excess of the hurdle rate for a quarter, we will pay the applicable income based fee even if we have incurred a loss in that quarter due to realized and/or unrealized capital losses. In addition, if market interest rates rise, our investment adviser may be able to invest our funds in debt instruments that provide for a higher return, which would increase our pre-incentive fee net investment income and make it easier for our investment adviser to surpass the fixed hurdle rate and receive an income based fee. Our investments in foreign companies or investments denominated in foreign currencies may involve significant risks in addition to the risks inherent in U.S. and U.S. dollar denominated investments. Our investment strategy contemplates potential investments in foreign companies. Investing in foreign companies may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of foreign taxes (potentially at confiscatory levels), less liquid markets, less available information than is generally the case in the U.S., higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility. Although we expect most of our investments will be U.S. dollar denominated, our investments that are denominated in a foreign currency will be subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political developments. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may expose ourselves to risks if we engage in hedging transactions. We have entered and may in the future enter into hedging transactions, which may expose us to risks associated with such transactions. We may utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates. Use of these hedging instruments may include counter-party credit risk. Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions should increase. Moreover, it may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price. The success of our hedging transactions will depend on our ability to correctly predict movements in currencies and interest rates. Therefore, while we may enter into such transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover, for a variety of reasons, we may not seek to (or be able to) establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities is likely to fluctuate as a result of factors not related to currency fluctuations. See also “Risk Factors—Risks Relating to Our Business—We are exposed to risks associated with changes in interest rates, including the current interest rate environment.” As a BDC, we are permitted to enter into unfunded commitment agreements, and, if we fail to meet certain requirements, we will be required to treat such unfunded commitments as derivative transactions, subject to leverage limitations, which may limit our ability to use derivatives and/or enter into certain other financial contracts. 46
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Under Rule 18f-4 under the Investment Company Act, BDCs that make significant use of derivatives are required to operate subject to a value-at-risk leverage limit, adopt a derivatives risk management program and appoint a derivatives risk manager, and comply with various testing and board reporting requirements. These requirements apply unless the BDC qualifies as a “limited derivatives user,” as defined under the rule. We currently operate as a “limited derivatives user” which may limit our ability to use derivatives and/or enter into certain other financial contracts. In addition, under Rule 18f-4, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as they become due. Unfunded commitment agreements entered into by a BDC in compliance with this condition will not be considered for purposes of computing asset coverage for purposes of compliance with the Investment Company Act with respect to our use of leverage as well as derivatives and/or other financial contracts. RISKS RELATING TO OUR COMMON STOCK AND PUBLICLY TRADED NOTES Our shares of common stock have traded at a discount from net asset value and may do so again, which could limit our ability to raise additional equity capital. Shares of closed ‑ end investment companies frequently trade at a market price that is less than the net asset value that is attributable to those shares. This characteristic of closed ‑ end investment companies is separate and distinct from the risk that our net asset value per share may decline. It is not possible to accurately predict whether any shares of our common stock will trade at, above, or below net asset value. In the past five years, the stocks of BDCs as an industry, including at times shares of our common stock, have traded below net asset value and during much of 2009 traded at near historic lows as a result of concerns over liquidity, leverage restrictions and distribution requirements. See “Risks Relating to Our Business—The capital markets may experience periods of disruption and instability. Such market conditions may materially and adversely affect the debt and equity capital markets, which may have a negative impact on our business and operations.” When our common stock is trading below its net asset value per share, we will generally not be able to issue additional shares of our common stock at its market price without first obtaining approval for such issuance from our stockholders and our independent directors. Pursuant to approval granted at a special meeting of stockholders held on August 8, 2025, we currently are permitted to sell or otherwise issue shares of our common stock at a price below net asset value, subject to certain limitations and determinations that must be made by our board of directors. Such stockholder approval expires on August 8, 2026. There is a risk that investors in our common stock may not receive dividends or that our dividends may not grow over time and that investors in our debt securities may not receive all of the interest income to which they are entitled. We intend to make distributions on a quarterly basis to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. If we declare a dividend and if more stockholders opt to receive cash distributions rather than participate in our dividend reinvestment plan, we may be forced to sell some of our investments in order to make cash dividend payments. In addition, due to the asset coverage test applicable to us as a BDC, we may be limited in our ability to make distributions. Certain of the Credit Facilities may also limit our ability to declare dividends if we default under certain provisions. Further, if we invest a greater amount of assets in non-income producing securities, it could reduce the amount available for distribution and may also inhibit our ability to make required interest payments to holders of our debt, which may cause a default under the terms of our debt agreements. Such a default could materially increase our cost of raising capital, as well as cause us to incur penalties under the terms of our debt agreements. Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse effect on the price of our common stock. The Maryland General Corporation Law (the “MGCL”), our charter and our bylaws contain provisions that may discourage, delay or make more difficult a change in control of us or the removal of our directors. We are subject to the Maryland Business Combination Act (the “Business Combination Act”), subject to any applicable requirements of the Investment Company Act. Our board of directors has adopted a resolution exempting from the Business Combination Act any business combination between us and any other person, subject to prior approval of such business combination by our board, including approval by a majority of our independent directors. If the resolution exempting business combinations is repealed or our board or independent directors do not approve a business combination, the Business Combination Act may discourage third 47
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parties from trying to acquire control of us and may increase the difficulty of consummating such an offer. Our bylaws exempt from the Maryland Control Share Acquisition Act (the “Control Share Acquisition Act”) acquisitions of our stock by any person. If we amend our bylaws to repeal the exemption from the Control Share Acquisition Act, subject to any applicable requirements of the Investment Company Act, the Control Share Acquisition Act also may make it more difficult for a third party to obtain control of us and may increase the difficulty of consummating such an offer. We have also adopted measures that may make it difficult for a third party to obtain control of us, including provisions of our charter classifying our board of directors into three classes serving staggered three-year terms, and provisions of our charter authorizing our board of directors to classify or reclassify shares of our stock into one or more classes or series, to cause the issuance of additional shares of our stock, and to amend our charter from time to time, without stockholder approval, to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have authority to issue. These provisions, as well as other provisions of our charter and bylaws, may discourage, delay, defer, make more difficult or prevent a transaction or a change in control that might otherwise be in our stockholders’ best interest. Our bylaws designate the Circuit Court for Baltimore City, Maryland as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other employees. Our bylaws provide that, unless we consent in writing to the selection of an alternative forum, the Circuit Court for Baltimore City, Maryland, or, if that Court does not have jurisdiction, the U.S. District Court for the District of Maryland, Baltimore Division, will be the sole and exclusive forum for: (i) any derivative action or proceeding brought on our behalf, (ii) any Internal Corporate Claim, as such term is defined in Section 1-101(p) of the MGCL, including, without limitation, (a) any action asserting a claim of breach of any duty owed by any of our directors or officers or other employees to us or to our stockholders or (b) any action asserting a claim against us or any of our directors or officers or other employees arising pursuant to any provision of the MGCL or our charter or bylaws or (iii) any action asserting a claim against us or any of our directors or officers or other employees that is governed by the internal affairs doctrine. Any person or entity purchasing or otherwise acquiring or holding any interest in shares of our common stock shall be deemed to have notice of and to have consented and waived any objection to this exclusive forum provision of our bylaws, as the same may be amended from time to time. Our board of directors, without stockholder approval, adopted this exclusive forum provision so that we can respond to such litigation more efficiently, reduce the costs associated with our responses to such litigation, particularly litigation that might otherwise be brought in multiple forums, and make it less likely that plaintiffs’ attorneys will be able to employ such litigation to coerce us into otherwise unjustified settlements. However, this exclusive forum provision may limit a stockholder’s ability to bring a claim in a judicial forum that such stockholder believes is favorable for disputes with us or our directors, officers or other employees, if any, and may discourage lawsuits against us and our directors, officers or other employees, if any. We believe the risk of a court declining to enforce this exclusive forum provision is remote, as the General Assembly of Maryland has specifically amended the MGCL to authorize the adoption of such provision. However, if a court were to find such provision inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or proceedings notwithstanding that the MGCL expressly provides that the charter or bylaws of a Maryland corporation may require that any Internal Corporate Claim be brought only in courts sitting in one or more specified jurisdictions, we may incur additional costs that we do not currently anticipate associated with resolving such matters in other jurisdictions, which could adversely affect our business, financial condition and results of operations. Investing in our common stock may involve an above average degree of risk. The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options and volatility or loss of principal. Our investments in portfolio companies may be highly speculative and aggressive and, therefore, an investment in our securities may not be suitable for someone with lower risk tolerance. The market price of our common stock may fluctuate significantly. The capital and credit markets have in the past experienced periods of extreme volatility and disruption. The market price and liquidity of the market for shares of our common stock may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include: • significant volatility in the market price and trading volume of securities of publicly traded RICs, BDCs or other companies in our sector, which are not necessarily related to the operating performance of these companies; • price and volume fluctuations in the overall stock market from time to time; 48
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• the inclusion or exclusion of our common stock from certain indices; • changes in law, regulatory policies or tax guidelines, or interpretations thereof, particularly with respect to RICs or BDCs; • changes in accounting guidelines governing valuation of our investments; • loss of our RIC or BDC status; • our ability to manage our capital resources effectively; • changes in our earnings or variations in our operating results; • changes in the value of our portfolio of investments; • any shortfall in investment income or net investment income or any increase in losses from levels expected by investors or securities analysts; • departure of Ares’ key personnel; • short-selling pressure with respect to shares of our common stock or BDCs generally; • uncertainty surrounding the strength of the U.S. economy; • uncertainty between the U.S. and other countries with respect to trade policies, treaties, and tariffs; • uncertainty regarding U.S. immigration and work permit policies; • global unrest; • general economic trends and other external factors; and • an increase in negative global media coverage relating to the private credit industry. In the past, following periods of volatility in the market price of a company’s securities, securities class action litigation has often been brought against that company. If our stock price fluctuates significantly, we may be the target of securities litigation in the future. Securities litigation could result in substantial costs and divert management’s attention and resources from our business. We may in the future determine to issue preferred stock, which could adversely affect the market value of our common stock. The issuance of shares of preferred stock with dividend or conversion rights, liquidation preferences or other economic terms favorable to the holders of preferred stock could adversely affect the market price for our common stock by making an investment in the common stock less attractive. In addition, the dividends on any preferred stock we issue must be cumulative. Payment of dividends and repayment of the liquidation preference of preferred stock must take preference over any dividends or other payments to our common stockholders, and holders of preferred stock are not subject to any of our expenses or losses and are not entitled to participate in any income or appreciation in excess of their stated preference (other than convertible preferred stock that converts into common stock). In addition, under the Investment Company Act, preferred stock constitutes a “senior security” for purposes of the asset coverage test. The net asset value per share of our common stock may be diluted if we sell shares of our common stock in one or more offerings at prices below the then current net asset value per share of our common stock or securities to subscribe for or convertible into shares of our common stock. At a special meeting of stockholders held on August 8, 2025, subject to certain determinations required to be made by our board of directors, our stockholders approved our ability to sell or otherwise issue shares of our common stock, in an 49
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amount not exceeding 25% of our then outstanding common stock, at a price below the then current net asset value per share during a period that began on August 8, 2025 and expires on August 8, 2026. In addition, at our 2009 annual stockholders meeting, our stockholders approved a proposal authorizing us to sell or otherwise issue warrants or securities to subscribe for or convertible into shares of our common stock subject to certain limitations (including, without limitation, that the number of shares issuable does not exceed 25% of our then outstanding common stock and that the exercise or conversion price thereof is not, at the date of issuance, less than the greater of the market value per share and the net asset value per share of our common stock). The authorization granted to sell or issue warrants or securities to subscribe for or convertible into shares of our common stock has no expiration. Any decision to sell shares of our common stock below its then current net asset value per share or securities to subscribe for or convertible into shares of our common stock would be subject to the determination by our board of directors that such issuance is in our and our stockholders’ best interests. If we were to sell shares of our common stock below its then current net asset value per share, such sales would result in an immediate dilution to the net asset value per share of our common stock. This dilution would occur as a result of the sale of shares at a price below the then current net asset value per share of our common stock and a proportionately greater decrease in the stockholders’ interest in our earnings and assets and their voting interest in us than the increase in our assets resulting from such issuance. Because the number of shares of common stock that could be so issued and the timing of any issuance is not currently known, the actual dilutive effect cannot be predicted. In addition, if we issue warrants or securities to subscribe for or convertible into shares of our common stock, subject to certain limitations, the exercise or conversion price per share could be less than net asset value per share at the time of exercise or conversion (including through the operation of anti ‑ dilution protections). Because we would incur expenses in connection with any issuance of such securities, such issuance could result in a dilution of the net asset value per share at the time of exercise or conversion. This dilution would include reduction in net asset value per share as a result of the proportionately greater decrease in the stockholders’ interest in our earnings and assets and their voting interest than the increase in our assets resulting from such issuance. Further, if our current stockholders do not purchase any shares to maintain their percentage interest when we issue new shares, regardless of whether such offering is above or below the then current net asset value per share, their voting power will be diluted. Our stockholders will experience dilution in their ownership percentage if they opt out of our dividend reinvestment plan. All dividends declared in cash payable to stockholders that are participants in our dividend reinvestment plan are automatically reinvested in shares of our common stock. As a result, our stockholders that opt out of our dividend reinvestment plan will experience dilution in their ownership percentage of our common stock over time. Our stockholders may receive shares of our common stock as dividends, which could result in adverse cash flow consequences to them. In order to satisfy the Annual Distribution Requirement applicable to RICs, we have the ability to declare a large portion of a dividend in shares of our common stock instead of in cash. As long as a portion of such dividend is paid in cash (which portion could be as low as 20%) and certain requirements are met, the entire distribution would be treated as a dividend for U.S. federal income tax purposes. As a result, a stockholder would be taxed on 100% of the fair market value of the shares received as part of the dividend on the date a stockholder received it in the same manner as a cash dividend, even though most of the dividend was paid in shares of our common stock. Sales of substantial amounts of our common stock in the public market may have an adverse effect on the market price of our common stock. Sales of substantial amounts of our common stock, or the availability of such common stock for sale, could adversely affect the prevailing market prices for our common stock. If this occurs and continues, it could impair our ability to raise additional capital through the sale of securities should we desire to do so. 50
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The trading market or market value of our publicly issued debt securities may fluctuate. Our publicly issued debt securities may or may not have an established trading market. We cannot assure holders of our debt securities that a trading market for our publicly issued debt securities will ever develop or be maintained if developed. In addition to our creditworthiness, many factors may materially adversely affect the trading market for, and market value of, our publicly issued debt securities. These factors include, but are not limited to, the following: • the time remaining to the maturity of these debt securities; • the outstanding principal amount of debt securities with terms identical to these debt securities; • the ratings assigned by national statistical ratings agencies; • the general economic environment; • the supply of such debt securities trading in the secondary market, if any; • the redemption or repayment features, if any, of these debt securities; • the level, direction and volatility of market interest rates generally; and • market rates of interest higher or lower than rates borne by the debt securities. Holders of our debt securities should also be aware that there may be a limited number of buyers if and when they decide to sell their debt securities. This too may materially adversely affect the market value of the debt securities or the trading market for the debt securities. Terms relating to redemption may materially adversely affect our noteholders’ return on any debt securities that we may issue. If our noteholders’ debt securities are redeemable at our option, we may choose to redeem their debt securities at times when prevailing interest rates are lower than the interest rate paid on their debt securities. In addition, if our noteholders’ debt securities are subject to mandatory redemption, we may be required to redeem their debt securities also at times when prevailing interest rates are lower than the interest rate paid on their debt securities. In this circumstance, our noteholders may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as their debt securities being redeemed. Our credit ratings may not reflect all risks of an investment in our debt securities. Our credit ratings are an assessment by third parties of our ability to pay our obligations. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of our debt securities. Our credit ratings, however, may not reflect the potential impact of risks related to market conditions generally or other factors discussed above on the market value of or trading market for the publicly issued debt securities. GENERAL RISK FACTORS Difficult market and political conditions may adversely affect our businesses in many ways, including by reducing the value or hampering the performance of our investments or reducing our ability to raise or deploy capital, each of which could have a significant adverse effect on our business, financial condition and results of operations. We are materially affected by conditions in the global financial markets and economic and political conditions throughout the world that are outside our control. These conditions may affect the level and volatility of securities prices and the liquidity and value of our investments, and we may not be able to or may choose not to manage our exposure to these conditions. This could in turn have a significant adverse effect on our business, financial condition and results of operations. Global financial markets have experienced heightened volatility in recent periods, including as a result of economic and political events in or affecting the world’s major economies, such as the ongoing war between Russia and Ukraine, conflicts in the Middle East and recent U.S. military action in Venezuela. Sanctions imposed by the U.S. and other countries, including in connection with hostilities between Russia and Ukraine and the tensions between China and Taiwan, have caused 51
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additional financial market volatility and affected the global economy. Concerns over future increases in inflation, economic recession, as well as interest rate volatility and fluctuations in oil and gas prices resulting from global production and demand levels, as well as geopolitical tension, have exacerbated market volatility. Market volatility has been further exacerbated by social unrest, changes regarding immigration and work permit policies and other political and security concerns both in the United States and across various international regions. Because of interrelationships within the global financial markets, if these issues do not abate, or they worsen or spread, our and our portfolio companies, businesses may be adversely affected both within and outside of the directly affected regions. Changes in trade policies, including the imposition of new tariffs or increases in existing tariffs between the United States, Mexico, Canada, China or other countries, or reactionary measures in response thereto, including retaliatory tariffs, legal challenges, or currency manipulation, could adversely affect the market conditions in which we and our portfolio companies operate. These factors may affect the level and volatility of credit and securities prices and the liquidity and value of our investments, and we and our portfolio companies may not be able to successfully manage our exposure to these conditions. In addition, numerous structural dynamics and persistent market trends have exacerbated volatility and market uncertainty. Concerns over significant volatility in the commodities markets, sluggish economic expansion in foreign economies, including continued concerns over growth prospects in China and emerging markets, growing debt loads for certain countries, uncertainty about the consequences of the U.S. and other governments withdrawing monetary stimulus measures, government agency closures, prolonged government shutdowns and speculation about a possible recession all highlight the fact that economic conditions remain unpredictable and volatile. U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns or a recession in the U.S. In recent periods, geopolitical tensions, including between the U.S. and China, have escalated. Further escalation of such tensions and the related imposition of sanctions or other trade barriers may negatively impact the rate of global growth, particularly in China, where growth has slowed. Moreover, there is a risk of both sector-specific and broad-based volatility, corrections and/or downturns in the equity and credit markets. Any of the foregoing could have a significant impact on the markets in which we and our portfolio companies operate and have a significant adverse effect on our business, financial condition and results of operations. A number of factors have had and may continue to have an adverse impact on credit markets in particular. In 2025, the weakness and the uncertainty regarding the stability of the oil and gas markets resulted in a tightening of credit across multiple sectors. In addition, the Federal Reserve decreased the federal funds rate three times in 2025. Changes in and uncertainty surrounding interest rates may have a material effect on our business, particularly with respect to the cost and availability of financing, which could have a material adverse impact on our business prospects and financial condition. Additionally, the Republican Party currently controls both the executive and legislative branches of the U.S. federal government, which increases the likelihood that legislation may be adopted that could significantly affect the regulation of U.S. financial markets. Regulatory changes could result in greater competition from banks and other lenders with which we compete for lending and other investment opportunities. These and other conditions in the global financial markets and the global economy may result in adverse consequences for us and our portfolio companies, each of which could adversely affect the businesses of us or such portfolio companies, restrict our investment activities, impede our ability to effectively achieve our investment objectives and result in lower returns than we anticipated at the time certain of our investments were made. More specifically, these economic conditions could adversely affect our operating results by causing: • decreases in the market value of securities, debt instruments or investments held by us; • illiquidity in the market, which could adversely affect transaction volumes and the pace of realization of our investments or otherwise restrict our ability to realize value from our investments, thereby adversely affecting our ability to generate performance or other income; and • increases in costs or reduced availability of financial instruments that finance our funds. During periods of difficult market conditions or slowdowns (which may be across one or more industries, sectors or geographies), companies in which we invest may experience decreased revenues, financial losses, credit rating downgrades, difficulty in obtaining access to financing and increased funding costs. During such periods, these companies may also have difficulty in expanding their businesses and operations and be unable to meet their debt service obligations or other expenses as they become due, including expenses payable to us. Negative financial results in our portfolio companies may reduce the value of our portfolio companies, our net asset value and our investment returns, which could have a material adverse effect on our operating results and cash flow. In addition, such conditions would increase the risk of default with respect to our investments. We may be adversely affected by reduced opportunities to exit and realize value from our investments, by lower than expected 52
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returns on investments made prior to the deterioration of the credit markets and by our inability to find suitable investments to effectively deploy capital. This could in turn materially reduce our net asset value and dividends and adversely affect our financial prospects and condition. We may experience fluctuations in our quarterly results. We could experience fluctuations in our quarterly operating results due to a number of factors, including the interest rates payable on the debt investments we make, the default rates on such investments, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods. Security incidents or cyber-attacks, affecting us or our third-party service providers, could adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential, personal or other sensitive information and/or damage to our business relationships or reputation, any of which could negatively impact our business, financial condition and operating results. The efficient operation of our business is dependent on information systems and technology, including computer hardware and software systems, as well as data processing systems and the secure processing, storage and transmission of information, all of which are potentially vulnerable to security incidents and cyber-attacks, which may include intentional attacks or accidental losses, either of which may result in unauthorized access to, or corruption of, our or our third-party service providers’ hardware, software, or data processing systems, or to our confidential, personal, or other sensitive information. In addition, we, our investment adviser, our administrator, or their employees may be the target of fraudulent emails or other targeted attempts to gain unauthorized access to confidential, personal, or other sensitive information, which are becoming more sophisticated and difficult to detect, particularly as threat actors use artificial intelligence technologies to deploy these attacks. Artificial intelligence tools may also be susceptible to new forms of cyberattacks, such as prompt injection attacks, which may increase our cybersecurity risks where we implement artificial intelligence technologies in our business. Cybersecurity risks are also exacerbated by the rapidly increasing volume of highly sensitive data, including our proprietary business information and intellectual property, personal information of our investment adviser’s employees, our administrator’s employees, their affiliates’ employees, our investors and others, and other sensitive information that Ares collects, processes and stores in its data centers and on its networks or those of its third-party service providers. Many jurisdictions have also enacted laws requiring companies to notify individuals of data security breaches involving certain types of personal information, with which we and Ares must comply in the event of a security incident or cyber-attack. The result of any security incident or cyber- attack may include disrupted operations, including in our and our investment adviser’s operations, misstated or unreliable financial data, fraudulent transfers or requests for transfers of money, liability for stolen or improperly accessed assets or information (including personal information), fines or penalties, investigations, increased cybersecurity protection and insurance costs, litigation, or damage to our business relationships and reputation, in each case, causing our business and results of operations to suffer or otherwise causing interruptions or malfunctions in our, our investment adviser’s employees’, our administrator’s employees’, their affiliates’ employees’, our investors’, our counterparties’ or third parties’ operations. Although we are not currently aware of any security incidents or cyber-attacks that, individually or in the aggregate, have materially affected, or would reasonably be expected to materially affect, our operations or financial condition, there has been an increase in the frequency and sophistication of the cyber and security threats that we face, with attacks ranging from those common to businesses generally to more advanced and persistent attacks. Security incidents or cyber-attacks and other security threats could originate from a wide variety of sources, including cyber criminals, nation state hackers, hacktivists and other outside or inside parties, as well as through employee malfeasance. We or our third-party providers may face a heightened risk of a security breach or disruption with respect to confidential, personal or other sensitive information resulting from an attack, including by foreign governments or cyber terrorists. We may be a target for attacks because, as a specialty finance company, we hold confidential and other sensitive information, including price information, about existing and potential investments. Further, we are dependent on third-party vendors for hosting hardware, software and data processing systems that we do not control. We also rely on third-party service providers for certain aspects of our businesses, including for certain information systems, technology and administration of our funds and compliance matters. While we rely on the cybersecurity strategy and policies implemented by Ares, which includes the performance of risk assessments on third-party providers, our reliance on them and their potential reliance on third-party providers removes certain cybersecurity functions from outside of our immediate control, and cyber-attacks on Ares, on us or on our third-party service providers could adversely affect us, our business and our reputation. We cannot guarantee that third parties and infrastructure in Ares’ networks and Ares’ and our partners’ networks have not been compromised or that they do not contain exploitable defects or bugs that could result in a breach of or disruption to Ares’ information technology systems or the third-party information technology systems that support 53
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our services. Ares’ and our ability to monitor these third parties’ information security practices is limited, and they may not have adequate information security measures in place. The costs related to cyber-attacks or other security threats or disruptions may not be fully insured or indemnified by others, including by our third-party providers. Security incidents and cyber-attacks may originate from a wide variety of sources, and while Ares has implemented processes, procedures and internal controls designed to mitigate cybersecurity risks and cyber-attacks, these measures do not guarantee that a security incident or cyber-attack will not occur or that our financial results or operations will not be negatively impacted by such an incident, especially because the techniques of threat actors change frequently and are often not recognized until launched, and may be enhanced by artificial intelligence technologies. Ares relies on industry accepted security measures and technology to securely maintain confidential and proprietary information maintained on their information systems, as well as on policies and procedures to protect against the unauthorized or unlawful disclosure of confidential, personal or other sensitive information. Although Ares takes protective measures and endeavors to strengthen its computer systems, software, technology assets and networks to prevent and address potential security incidents and cyber-attacks, there can be no assurance that any of these measures prove effective. Ares expects to be required to devote increasing levels of funding and resources, which may in part be allocated to us, to comply with evolving cybersecurity and privacy laws and regulations and to continually monitor and enhance its cybersecurity procedures and controls. Our portfolio companies also rely on similar systems and face similar risks. A disruption or compromise of these systems could have a material adverse effect on the value of these businesses. We may invest in strategic assets having a national or regional profile or in infrastructure assets, the nature of which could expose them to a greater risk of being subject to a terrorist attack or cyber-attack than other assets or businesses. Such an event may have material adverse consequences on our investments or may require portfolio companies to increase preventative security measures or expand insurance coverage. In addition, cybersecurity is a priority for regulators in the U.S. and around the world. The SEC has adopted rules related to cybersecurity risk management for registered investment advisers, registered investment companies and business development companies. In addition, the SEC requires public companies to disclose material cybersecurity incidents on Form 8-K and provide periodic disclosure regarding their cybersecurity risk management, strategy, and governance in annual reports. In May 2024, the SEC adopted cybersecurity regulations as an amendment to Regulation S-P designed to establish a federal “minimum standard” for covered institutions to adopt an incident response program to govern their response to any unauthorized access of customer information. The adopted rule requires compliance as of December 2025 and applies to us as it includes investment companies and registered investment advisers. The amendments require implementation of written policies and procedures to safeguard customer records and information by imposing notification requirements to affected individuals whose sensitive customer information was or is reasonably likely to have been accessed or used without authorization and other requirements, such as review of incident response programs and having policies and procedures regarding compliance by third-party service providers. With the SEC particularly focused on cybersecurity, we expect increased scrutiny of our and Ares’ policies and systems designed to manage cybersecurity risks and related disclosures. We also may face increased costs to comply with the new SEC rules, including Ares’ increased costs for cybersecurity training and management, a portion of which may be allocated to us. In addition, the SEC has indicated in recent periods that one of its examination priorities for the Office of Compliance Inspections and Examinations is to continue to examine cybersecurity procedures and controls, including testing the implementation of these procedures and controls. Technological developments in artificial intelligence could disrupt the markets in which we operate and subject us to increased competition, legal and regulatory risks and compliance costs. Artificial intelligence, including machine learning technology and generative artificial intelligence, is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which we operate and subject us to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on our or our portfolio companies’ business, financial condition and results of operations. We, our investment adviser and our administrator use and plan to expand our use of artificial intelligence tools and technologies in the operation of our business. In addition, certain of our portfolio companies use and may plan to expand their use of artificial intelligence tools and technologies in the operation of their businesses. These uses come with potential risks, including, but not limited to, generation of inaccurate results, misuse or disclosures of confidential information, infringement of third-party intellectual property rights, potential cybersecurity vulnerabilities, reputational risk, and regulatory burdens. Artificial intelligence models may create outputs that are flawed, inaccurate, biased, or that infringe or misappropriate intellectual property of third parties. The models may also be subject to new or different modes of cyber attacks, including prompt injection attacks, and such attacks may be able to circumvent our cybersecurity tools and processes. To the extent we, our investment adviser, our administrator, or any of our portfolio companies rely on such technologies, these risks could 54
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negatively impact us or our portfolio companies. There is also a risk that artificial intelligence tools or applications may be misused by employees and/or third parties engaged by us, our adviser or administrator, or by our portfolio companies. For example, an employee of our adviser may input confidential information, including material non-public information, trade secrets, or personal information, into artificial intelligence technologies in a manner that results in such information becoming part of a dataset that is accessible by third-party artificial intelligence applications and users, including our competitors. Further, we, our adviser or administrator or our portfolio companies may not be able to control how third-party artificial intelligence technologies that we or they choose to use are developed or maintained, or how data we or they input is used or disclosed, even where contractual protections with respect to these matters have been sought. The misuse or misappropriation of our data could have an adverse impact on our reputation and could subject us to legal and regulatory investigations and/or actions. The misuse or misappropriation of data of any of our portfolio companies could have an adverse impact on such businesses reputation and could subject such portfolio company to legal and regulatory investigations and/or actions. We or our portfolio companies may also be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within our respective industries. If our or our portfolio companies’ competitors are more successful than us or our portfolio companies in the use of artificial intelligence or development of services or products based on artificial intelligence, or we or our portfolio companies do so at a slower pace than others, we or our portfolio companies may be at a competitive disadvantage. In addition, our or our portfolio companies’ investments in technology systems and artificial intelligence may not deliver the benefits we or they expect, which could be costly for our or their respective businesses. Finally, regulations related to artificial intelligence may also impose on us or our portfolio companies certain obligations and costs related to monitoring and compliance, and we or they could be subject to regulatory actions if we or they are deemed not to have complied. We are subject to numerous privacy laws, and violation of such laws may subject us to significant fines or penalties, litigation, or reputational damage, and new privacy laws or changes in enforcement of existing privacy laws could impact our business and financial performance. Many jurisdictions in which we operate have laws and regulations relating to data privacy, cybersecurity and protection of personal information, including, the California Consumer Privacy Act (the “CCPA”), the New York SHIELD Act, the General Data Protection Regulation (“GDPR”) and the U.K. GDPR (collectively, “Privacy Laws”). These Privacy Laws and related regulations continue to evolve and may conflict with one another, resulting in compliance challenges. Moreover, to the extent that these laws and regulations or the enforcement of the same become more stringent or change, or if new laws or regulations are enacted, our financial performance or plans for growth may be adversely impacted. In addition, compliance with applicable Privacy Laws may require adhering to stringent legal and operational requirements, which could increase compliance costs for us and our investment adviser and require the dedication of additional time and resources to compliance by us, our investment adviser or Ares. A failure to comply with applicable Privacy Laws could result in fines, sanctions, enforcement actions or other penalties or reputational damage. Further, significant actual or potential theft, loss, corruption, exposure, fraudulent use or misuse of investor, employee or other personal information, proprietary business data or other sensitive information, whether by third parties or as a result of employee malfeasance or otherwise, non-compliance with our, our investment adviser’s or Ares’ contractual or other legal obligations regarding such data or intellectual property or a violation of Ares’ privacy and security policies with respect to such data could result in significant investigation, remediation and other costs, fines, penalties, litigation or regulatory actions against us and significant reputational harm, any of which could harm our business and results of operations. In May 2024, the SEC adopted cybersecurity regulations as an amendment to Regulation S-P designed to establish a federal “minimum standard” for covered institutions to adopt an incident response program to govern their response to any unauthorized access of customer information. The adopted rule requires compliance as of December 2025 and applies to us as it includes broker-dealers, investment companies and registered investment advisers. The amendments require implementation of written policies and procedures to safeguard customer records and information by imposing notification requirements to affected individuals whose sensitive customer information was or is reasonably likely to have been accessed or used without authorization and other requirements, such as review of incident response programs and having policies and procedures regarding compliance by third party service providers. There may be substantial financial penalties or fines for breach of Privacy Laws (which may include insufficient security for personal or other sensitive information). For example, the maximum penalty for breach of the GDPR is the greater of 20 million Euros and 4% of group annual worldwide turnover, and fines for each violation of the CCPA are $2,500 per violation, or $7,500 per violation for intentional violations. Non-compliance with any applicable privacy or data security laws 55
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represents a serious risk to our business, and compliance may be complicated by conflicting or inconsistent laws and regulations. Ineffective internal controls could impact our business and operating results. Our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud. Even effective internal controls can provide only reasonable assurance with respect to the preparation and fair presentation of financial statements. If we fail to maintain the adequacy of our internal controls, including any failure to implement required new or improved controls, or if we experience difficulties in their implementation, our business and operating results could be harmed and we could fail to meet our financial reporting obligations. Item 1B. Unresolved Staff Comments None. Item 1C. Cybersecurity Assessment, Identification and Management of Material Risks from Cybersecurity Threats We rely on the cybersecurity strategy and policies implemented by Ares Management, the parent of both our investment adviser and our administrator. Ares Management’s cybersecurity strategy prioritizes the detection and analysis of, and response to, known, anticipated or unexpected threats, effective management of security risks and resilience against cyber incidents. Ares Management’s enterprise-wide cybersecurity program is aligned to the National Institute of Standards and Technology Cybersecurity Framework. Ares Management’s cybersecurity risk management processes include technical security controls, policy enforcement mechanisms, monitoring systems, tools and related services, which include tools and services from third-party providers, and management oversight to assess, identify and manage risks from cybersecurity threats. Ares Management has implemented and continues to implement risk-based controls designed to prevent, detect and respond to information security threats and we rely on those controls to help us protect our information, our information systems, and the information of our investors and other third parties who entrust us with their sensitive information. Ares Management’s cybersecurity program includes physical, administrative and technical safeguards, as well as plans and procedures designed to help Ares prevent and timely and effectively respond to cybersecurity threats and incidents, including threats or incidents that may impact us, our investment adviser or our administrator. Ares Management’s cybersecurity risk management process seeks to monitor cybersecurity vulnerabilities and potential attack vectors, evaluate the potential operational and financial effects of any threat and mitigate such threats. The assessment of cybersecurity threats, including those which may impact us, our investment adviser or our administrator, is integrated into Ares Management’s Enterprise Risk Management program, which is overseen by the Ares Enterprise Risk Committee (the “Ares Management ERC”), as discussed below. In addition, Ares Management periodically engages with third-party consultants and key vendors to assist it in assessing, enhancing, implementing and monitoring its cybersecurity risk management programs and responding to incidents. The Ares Management cybersecurity risk management and awareness programs include periodic identification and testing of vulnerabilities, regular phishing simulations and annual general cybersecurity awareness and data protection training including for employees of our investment adviser and our administrator. Ares Management also has annual certification requirements for employees, including employees who provide services to us pursuant to our investment advisory and management agreement and our administration agreement with respect to certain policies supporting the cybersecurity program including information security and electronic communications, data protection and privacy. Ares Management undertakes periodic internal security reviews of our information systems and related controls, including systems affecting personal data and the cybersecurity risks of Ares Management’s and our critical third-party service providers and other partners. Ares Management also completes periodic external reviews of its cybersecurity program and practices, which include assessments of relevant data protection practices and targeted attack simulations. In the event of a cybersecurity incident impacting us, our investment adviser, or our administrator, Ares Management has developed an incident response plan that provides guidelines for responding to such an incident and facilitates coordination across multiple operational functions of Ares Management, including coordinating with the relevant employees of our investment adviser and our administrator. The incident response plan includes notification to the applicable members of cybersecurity leadership, including Ares Management’s Chief Information Security Officer (“CISO”), and, as appropriate, 56
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escalation to the full Ares Management ERC and/or an internal ad-hoc group of senior employees, tasked with helping to manage the cybersecurity incident. Depending on their nature, incidents may also be reported to the audit committee or full board of directors of Ares Management, as well as to the audit committee of our board of directors and to our full board of directors, if appropriate. Material Impact of Risks from Cybersecurity Threats We have not experienced an information security breach incident that has materially affected our business strategy, results of operations or financial condition. The expenses we have incurred from information security breach incidents have been immaterial, and we are not aware of any cybersecurity risks that are reasonably likely to materially affect our business. However, future incidents could have a material impact on our business strategy, results of operations or financial condition. For additional discussion of the risks posed by cybersecurity threats, see “Item 1A. Risk Factors— General Risk Factors—Security incidents or cyber-attacks, affecting us or our third-party service providers, could adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential, personal or other sensitive information and/or damage to our business relationships or reputation, any of which could negatively impact our business, financial condition and operating results.” Oversight of Cybersecurity Risks Our cybersecurity program is managed by Ares Management’s dedicated internal cybersecurity team, which is responsible for enterprise- wide cybersecurity strategy, policies, standards, engineering, architecture and processes. The team is led by Ares Management’s CISO who has a Master’s degree in Cybersecurity from Brown University and over 25 years of experience advising on and managing risks from cybersecurity threats as well as developing and implementing cybersecurity policies and procedures. The Ares Management CISO reports cybersecurity updates to the Ares Management ERC. The Ares Management ERC is a cross-functional committee that governs and oversees the Ares Management Enterprise Risk Program, including cybersecurity. The Ares Management ERC includes Ares Management’s CEO, Co-Presidents, CFO, General Counsel, Global Chief Compliance Officer, Chief Information Officer, Chief Compliance Officer, and Head of Enterprise Risk, who acts as chairperson of the Ares Management ERC. The Ares Management ERC, through regular consultation with the Ares Management internal cybersecurity team and employees of our investment adviser and administrator, assesses, discusses, and prioritizes Ares Management’s approach to high-level risks, mitigating controls and ongoing cybersecurity efforts. The audit committee has primary responsibility for oversight and review of guidelines and policies with respect to risk assessment and risk management, including cybersecurity. Periodically, reports are provided to our audit committee as well as our full board of directors, as appropriate, on cybersecurity matters, primarily through presentations by the CISO and the Ares Management Head of Enterprise Risk. Such reporting includes updates on Ares Management’s cybersecurity program as it impacts us, the external threat environment, and Ares Management’s programs to address and mitigate the risks associated with the evolving cybersecurity threat environment. These reports also include updates on Ares Management’s preparedness, prevention, detection, responsiveness and recovery with respect to cyber incidents. Item 2. Properties We do not own any real estate or other physical properties materially important to our operation. Our headquarters are currently located at 245 Park Avenue, 44th Floor, New York, New York 10167. We are party to office leases pursuant to which we are leasing office facilities from third parties. Item 3. Legal Proceedings From time to time, we, our executive officers, directors and our investment adviser, its affiliates and/or any of their respective principals and employees are subject to legal proceedings, including those arising from our investments in our portfolio companies, and we may, as a result, incur significant costs and expenses in connection with such legal proceedings. We and our investment adviser are also subject to extensive regulation, which, from time to time, results in requests for information from us or our investment adviser or legal or regulatory proceedings or investigations against us or our investment adviser. We incur significant costs and expenses in connection with any such proceedings, information requests and investigations. Item 4. Mine Safety Disclosures Not applicable. 57
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PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities PRICE RANGE OF COMMON STOCK AND DISTRIBUTIONS Our common stock is traded on The NASDAQ Global Select Market under the symbol “ARCC.” Our common stock has historically traded at prices both above and below our net asset value per share. It is not possible to predict whether our common stock will trade at, above or below net asset value. See “Risk Factors—Risks Relating to Our Common Stock and Publicly Traded Notes—Our shares of common stock have traded at a discount from net asset value and may do so again, which could limit our ability to raise additional equity capital.” The following table sets forth, for each fiscal quarter for the fiscal years ended December 31, 2025 and 2024, the net asset value per share of our common stock, the range of high and low closing sales prices of our common stock, the closing sales price as a premium (discount) to net asset value and the dividends or distributions declared by us. NetAsset Price Range HighSales PricePremium(Discount)to Net Asset LowSales PricePremium(Discount)to Net Asset CashDividendPer Value(1) High Low Value(2) Value(2) Share(3) Year ended December 31, 2025 First Quarter $ 19.82 $ 23.81 $ 21.28 20.13 % 7.37 % $ 0.48 Second Quarter $ 19.90 $ 22.43 $ 18.91 12.71 % (4.97)% $ 0.48 Third Quarter $ 20.01 $ 23.25 $ 20.41 16.19 % 2.00 % $ 0.48 Fourth Quarter $ 19.94 $ 21.03 $ 18.90 5.47 % (5.22)% $ 0.48 Year ended December 31, 2024 First Quarter $ 19.53 $ 20.82 $ 19.94 6.61 % 2.10 % $ 0.48 Second Quarter $ 19.61 $ 21.58 $ 20.24 10.05 % 3.21 % $ 0.48 Third Quarter $ 19.77 $ 21.28 $ 19.80 7.64 % 0.15 % $ 0.48 Fourth Quarter $ 19.89 $ 22.27 $ 20.74 11.97 % 4.27 % $ 0.48 _______________________________________________________________________________ (1) Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low closing sales prices. The net asset values shown are based on outstanding shares at the end of the relevant quarter. (2) Calculated as the respective high or low closing sales price less net asset value, divided by net asset value (in each case, as of the applicable quarter). (3) Represents the dividend or distribution declared in the relevant quarter. On January 29, 2026, the last reported closing sales price of our common stock on The NASDAQ Global Select Market was $20.16 per share, which represented a premium of approximately 1.10% to the net asset value per share reported by us as of December 31, 2025. HOLDERS As of January 29, 2026, there were 910 holders of record of our common stock (including Cede & Co.). DIVIDEND/DISTRIBUTION POLICY We currently intend to distribute dividends or make distributions to our stockholders on a quarterly basis out of assets legally available for distribution. We may also distribute additional dividends or make additional distributions to our 58
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stockholders from time to time. Our quarterly and additional dividends or distributions, if any, will be determined by our board of directors. To maintain our RIC status under the Code, we must timely distribute an amount equal to at least 90% of our investment company taxable income (as defined by the Code, which generally includes net ordinary income and net short term capital gains) to our stockholders. In addition, we generally will be required to pay an excise tax equal to 4% on certain undistributed taxable income unless we distribute in a timely manner an amount at least equal to the sum of (i) 98% of our ordinary income recognized during a calendar year and (ii) 98.2% of our capital gain net income, as defined by the Code, recognized during a calendar year and (iii) any income recognized, but not distributed, in preceding years. The taxable income on which we pay excise tax is generally distributed to our stockholders in the next tax year. Depending on the level of taxable income earned in a tax year, we may choose to carry forward such taxable income for distribution in the following year, and pay any applicable excise tax. For the years ended December 31, 2025, 2024 and 2023, we recorded a net excise tax expense of $37 million, $35 million and $23 million, respectively. We cannot assure you that we will achieve results that will permit the payment of any cash distributions. We maintain an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a cash dividend, stockholders’ cash dividends will be automatically reinvested in additional shares of our common stock, unless they specifically opt out of the dividend reinvestment plan so as to receive cash dividends. See “Dividend Reinvestment Plan.” RECENT SALES OF UNREGISTERED EQUITY SECURITIES We did not sell any securities during the period covered by this Annual Report that were not registered under the Securities Act of 1933, as amended (the “Securities Act”). ISSUER PURCHASES OF EQUITY SECURITIES Dividend Reinvestment Plan During the quarter ended December 31, 2025, as a part of our dividend reinvestment plan for our common stockholders, we did not purchase shares of our common stock in the open market in order to satisfy the reinvestment portion of our dividends. Stock Repurchase Program In February 2025, our board of directors authorized an amendment to our stock repurchase program to extend the expiration date of the program from February 15, 2025 to February 15, 2026. Under our stock repurchase program, we may repurchase up to $1.0 billion in the aggregate of our outstanding common stock in the open market at certain thresholds below our net asset value per share, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act. The timing, manner, price and amount of any share repurchases will be determined by us, in our sole discretion, based upon an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. The stock repurchase program will be in effect through February 15, 2026, unless extended or until the approved dollar amount has been used to repurchase shares. The stock repurchase program does not require us to repurchase any specific number of shares of common stock or any shares of common stock at all. Consequently, we cannot assure stockholders that any specific number of shares of common stock, if any, will be repurchased under the stock repurchase program. As of December 31, 2025, the expiration date of our stock repurchase program was February 15, 2026. The stock repurchase program may be suspended, extended, modified or discontinued at any time. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Recent Developments,” as well as Note 16 to our consolidated financial statements for the year ended December 31, 2025 for a subsequent event relating to our stock repurchase program. During the year ended December 31, 2025, there were no repurchases of our common stock under our stock repurchase program. As of December 31, 2025, the approximate dollar value of shares that may yet be purchased under the program was $1.0 billion. 59
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COMPARISON OF CUMULATIVE TOTAL RETURN AMONG ARES CAPITAL CORPORATION, S&P 500 INDEX AND S&P BDC INDEX Total Return Performance SOURCE: Bloomberg NOTES: Assumes $100 invested on December 31, 2020 in Ares Capital, the S&P 500 Index and the S&P BDC Index. Assumes all dividends are reinvested on the respective dividend payment dates without commissions. Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Ares Capital 100.00 136.18 130.96 157.07 188.17 190.28 S&P 500 Index 100.00 128.71 105.40 133.10 166.40 196.16 S&P BDC Index 100.00 137.42 124.51 158.85 185.23 178.74 The stock performance graph and other information above shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C, or to the liabilities of Section 18 of the Exchange Act. The stock price performance included in the abovegraph is not necessarily indicative of future stock performance. 60
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FEES AND EXPENSES The following table is intended to assist you in understanding the costs and expenses that an investor in our common stock will bear, directly or indirectly, based on the assumptions set forth below. We caution you that some of the percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this Form 10-K contains a reference to our fees or expenses, we will pay such fees and expenses out of our net assets and, consequently, stockholders will indirectly bear such fees or expenses as investors in us. Stockholder transaction expenses (as a percentage of offering price): Sales load — (1) Offering expenses — (2) Dividend reinvestment plan expenses Up to $15.00 Transaction Fee (3) Total stockholder transaction expenses paid — (4) Annual expenses (as a percentage of consolidated net assets attributable to commonstock)(5): Base management fee 3.12 % (6) Income based fee and capital gains incentive fee 2.33 % (7) Interest payments on borrowed funds 5.69 % (8) Other expenses 0.67 % (9) Acquired fund fees and expenses 1.95 % (10) Total annual expenses 13.76 % (11) _______________________________________________________________________________ (1) If shares of our common stock are sold to or through underwriters, the applicable prospectus or prospectus supplement will disclose the applicable sales load (underwriting discount or commission). Purchases of shares of our common stock on the secondary market are not subject to sales charges but may be subject to brokerage commissions or other charges. The table does not include any sales load that stockholders may have paid in connection with their purchase of shares of our common stock. (2) The applicable prospectus or prospectus supplement for any offering will disclose the estimated amount of offering expenses, the offering price and the offering expenses borne by us as a percentage of the offering price. (3) The expenses of the dividend reinvestment plan are included in “Other expenses.” The plan administrator’s fees under the plan are paid by us. If a participant elects by notice to the plan administrator in advance of termination to have the plan administrator sell part or all of the shares held by the plan administrator in the participant’s account and remit the proceeds to the participant, the plan administrator is authorized to deduct a transaction fee of up to $15.00 plus a $0.12 per share fee from the proceeds. See “Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities—Issuer Purchases of Equity Securities— Dividend Reinvestment Plan” for more information. (4) The applicable prospectus or prospectus supplement for any offering will disclose the offering price and the total stockholder transaction expenses as a percentage of the offering price. (5) The “consolidated net assets attributable to common stock” used to calculate the percentages in this table is our average net assets of $13.9 billion for the year ended December 31, 2025. (6) Our base management fee is calculated at an annual rate of 1.5% based on the average value of our total assets (other than cash or cashequivalents but including assets purchased with borrowed funds) at the end of the two most recently completed calendar quarters; provided, however, the base management fee is calculated at an annual rate of 1.0% on the average value of our total assets (other thancash or cash equivalents but including assets purchased with borrowed funds) that exceeds the product of (A) 200% and (B) our net assetvalue at the end of the most recently completed calendar quarter. The 3.12% reflected on the table is higher than 1.5% because it iscalculated on our average net assets (rather than our average total assets) for the year ended December 31, 2025. See “Business— Investment Advisory and Management Agreement.” (7) This item represents our investment adviser’s income based fee and capital gains incentive fee based on the actual income based fee for the year ended December 31, 2025, and adding the capital gains incentive fee expense accrued in 61
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accordance with GAAP for the year ended December 31, 2025, even though there was no capital gains incentive fee actually payable under the investment advisory and management agreement as of December 31, 2025. GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Company Act or the investment advisory and management agreement. This GAAP accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee actually payable under the investment advisory and management agreement plus the aggregate cumulative unrealized capital appreciation. If such amount is positive at the end of a period, then GAAP requires us to record a capital gains incentive fee equal to 20% of such cumulative amount, less the aggregate amount of actual capital gains incentive fee paid or capital gains incentive fee accrued under GAAP in all prior periods. The resulting accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. There can be no assurance that such unrealized capital appreciation will be realized in the future or that the amount accrued for will ultimately be paid. For purposes of this table, we have assumed that these fees will be payable (in the case of the capital gains incentive fee) and that they will remain constant, although they are based on our performance and will not be paid unless we achieve certain goals. We expect to invest or otherwise utilize all of the net proceeds from securities registered under our registration statement pursuant to a particular prospectus supplement within three months of the date of the offering pursuant to such prospectus supplement and may have capital gains and interest income that could result in the payment of these fees to our investment adviser in the first year after completion of such offerings. Since our IPO through December 31, 2025, the average quarterly fees accrued related to the income based fee and capital gains incentive fee (including capital gains incentive fee accrued under GAAP even though they may not be payable) have been approximately 0.68% of our weighted average net assets for such period (2.71% on an annualized basis). For more detailed information about income based fee and capital gains incentive fee previously incurred by us, please see Note 3 to our consolidated financial statements for the year ended December 31, 2025. The income based fee is payable quarterly in arrears in an amount equal to 20% of our pre ‑ incentive fee net investment income (including interest that is accrued but not yet received in cash), subject to a 1.75% quarterly (7.0% annualized) hurdle rate and a “catch ‑ up” provision measured as of the end of each calendar quarter. Under this provision, in any calendar quarter, our investment adviser receives no income based fee until our net investment income equals the hurdle rate of 1.75% but then receives, as a “catch ‑ up,” 100% of our pre ‑ incentive fee net investment income with respect to that portion of such pre ‑ incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.1875%. The effect of this provision is that, if pre ‑ incentive fee net investment income exceeds 2.1875% in any calendar quarter, our investment adviser will receive 20% of our pre ‑ incentive fee net investment income as if a hurdle rate did not apply. The capital gains incentive fee is payable annually in arrears in an amount equal to 20% of our realized capital gains on a cumulative basis from inception through the end of the year, if any, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of capital gains incentive fee paid in all prior years. We will defer cash payment of any income based fee and capital gains incentive fee otherwise earned by our investment adviser if, during the most recent four full calendar quarter period ending on or prior to the date such payment is to be made, the sum of (a) our aggregate distributions to our stockholders and (b) our change in net assets (defined as total assets less indebtedness and before taking into account any income based fee or capital gains incentive fee accrued during the period) is less than 7.0% of our net assets (defined as total assets less indebtedness) at the beginning of such period. Any deferred income based fee and capital gains incentive fee are carried over for payment in subsequent calculation periods to the extent such payment is payable under the investment advisory and management agreement. These calculations will be adjusted for any share issuances or repurchases. See “Business—Investment Advisory and Management Agreement.” (8) “Interest payments on borrowed funds” represents our interest expenses estimated based on our actual interest and credit facility expenses incurred for the year ended December 31, 2025, which includes the impact of interest rate swaps. During the year ended December 31, 2025, our average outstanding borrowings were approximately $14.7 62
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billion and cash paid for interest expense was $750 million. We had outstanding borrowings of approximately $16.0 billion (with a carrying value of approximately $16.0 billion) as of December 31, 2025. This item is based on the assumption that our borrowings and interest costs after an offering will remain similar to those prior to such offering. The amount of leverage that we may employ at any particular time will depend on, among other things, our investment adviser’s and our board of directors’ assessment of market and other factors at the time of any proposed borrowing. See “Risk Factors—Risks Relating to Our Business—We borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.” We are currently allowed to borrow amounts such that our asset coverage, as calculated pursuant to the Investment Company Act, equals at least 150% after such borrowing (i.e., we are able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us). See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Financial Condition, Liquidity and Capital Resources.” (9) Includes our overhead expenses, including payments under our administration agreement based on our allocable portion of overhead and other expenses incurred by Ares Operations in performing its obligations under the administration agreement, and income taxes. Such expenses are estimated based on actual “Other expenses” for the year ended December 31, 2025. The holders of shares of our common stock (and not the holders of our debt securities or preferred stock, if any) indirectly bear the cost associated with our annual expenses. See “Business—Administration Agreement.” (10) Our stockholders indirectly bear the expenses of underlying funds or other investment vehicles that would be investment companies under section 3(a) of the Investment Company Act but for the exceptions to that definition provided for in sections 3(c)(1) and 3(c)(7) of the Investment Company Act (“Acquired Funds”) in which we invest. This amount is estimated based on the estimated annual fees and operating expenses of Acquired Funds in which we are invested as of December 31, 2025. Certain of these Acquired Funds are subject to management fees, which generally range from 1% to 2.5% of total net assets, or incentive fees, which generally range between 15% and 25% of net profits. When applicable, fees and operating expenses estimates are based on historic fees and operating expenses for the Acquired Funds. For those Acquired Funds with little or no operating history, fees and operating expenses are estimates based on expected fees and operating expenses stated in the Acquired Funds’ offering memorandum, private placement memorandum or other similar communication without giving effect to any performance. Future fees and operating expenses for these Acquired Funds may be substantially higher or lower because certain fees and operating expenses are based on the performance of the Acquired Funds, which may fluctuate over time. This amount also includes an estimate of the annual fees and operating expenses of the SDLP. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Portfolio and Investment Activity—Senior Direct Lending Program” and Note 4 to our consolidated financial statements for the year ended December 31, 2025 for more information on the SDLP. The annual fees and operating expenses of the SDLP were estimated based on the funded portfolio of the SDLP as of December 31, 2025 and include interest payments on the senior notes and intermediate funding notes provided by Varagon and its clients, which represent 94% of such expenses. (11) Total annual expenses as a percentage of consolidated net assets attributable to common stock are higher than the total annual expenses percentage would be for a company that is not leveraged. We borrow money to leverage and increase our total assets. The SEC requires that the “Total annual expenses” percentage be calculated as a percentage of net assets (defined as total assets less indebtedness and before taking into account any income based fee or capital gains incentive fee accrued during the period), rather than the total assets, including assets that have been funded with borrowed monies. Example The following example demonstrates the projected dollar amount of total cumulative expenses over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed that we would have no additional leverage, that none of our assets are cash or cash equivalents and that our annual operating expenses would remain at the levels set forth in the table above. Income based fee and the capital gains incentive fee under the investment advisory and management agreement, which, assuming a 5% annual return, would either not be payable or have an insignificant impact on the expense amounts shown below, are not included in the example, except as specifically set forth below. Transaction expenses are not included in the following example. 63
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1 year 3 years 5 years 10 years You would pay the following expenses on a $1,000 common stock investment, assuming a 5% annual return (none of which is subject to the capital gains incentive fee)(1) $ (117) $ (328) $ (512) $ (874) You would pay the following expenses on a $1,000 common stock investment, assuming a 5% annual return resulting entirely from net realized capital gains (all of which is subject to the capital gains incentive fee)(2) $ (127) $ (355) $ (552) $ (932) _______________________________________________________________________________ (1) Assumes that we will not realize any capital gains computed net of all realized capital losses and unrealized capital depreciation. (2) Assumes no unrealized capital depreciation and a 5% annual return resulting entirely from net realized capital gains and not otherwise deferrable under the terms of the investment advisory and management agreement and therefore subject to the capital gains incentive fee. The foregoing table is to assist you in understanding the various costs and expenses that an investor in our common stock will bear directly or indirectly. While the example assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. If we were to achieve sufficient returns on our investments, including through the realization of capital gains, to trigger income based fee or capital gains incentive fee of a material amount, our expenses, and returns to our investors, would be higher. In addition, while the example assumes reinvestment of all dividends and distributions at net asset value, if our board of directors authorizes and we declare a cash dividend, participants in our dividend reinvestment plan who have not otherwise elected to receive cash will receive a number of shares of our common stock determined by dividing the total dollar amount of the dividend payable to a participant by the market price per share of our common stock at the close of trading on the valuation date for the dividend. See “Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities—Issuer Purchases of Equity Securities—Dividend Reinvestment Plan” for more information regarding our dividend reinvestment plan. This example and the expenses in the table above should not be considered a representation of our future expenses as actual expenses (including the cost of debt, if any, and other expenses) that we incur in the future may be greater or less than those shown. 64
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SENIOR SECURITIES (dollar amounts in millions, except per unit data) Information about our senior securities (including preferred stock, debt securities and other indebtedness) is shown in the following tables as of the end of the last ten fiscal years. The report of our independent registered public accounting firm, KPMG LLP, on the senior securities table as of December 31, 2025, is attached as an exhibit to this Annual Report on Form 10-K. The “-” indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities. Class and Year Total AmountOutstandingExclusive ofTreasurySecurities(1) AssetCoverage PerUnit(2) InvoluntaryLiquidatingPreference PerUnit(3) Average MarkeValue Per Unit Revolving Credit Facility Fiscal 2025 $ 2,028 $ 1,893 $ — Fiscal 2024 1,113 1,962 — Fiscal 2023 1,413 1,937 — Fiscal 2022 2,246 1,772 — Fiscal 2021 1,507 1,792 — Fiscal 2020 1,180 1,824 — Fiscal 2019 2,250 2,042 — Fiscal 2018 1,064 2,362 — Fiscal 2017 395 2,415 — Fiscal 2016 571 2,296 — Revolving Funding Facility Fiscal 2025 $ 1,234 $ 1,893 $ — Fiscal 2024 1,065 1,962 — Fiscal 2023 863 1,937 — Fiscal 2022 800 1,772 — Fiscal 2021 762 1,792 — Fiscal 2020 1,027 1,824 — Fiscal 2019 638 2,042 — Fiscal 2018 520 2,362 — Fiscal 2017 600 2,415 — Fiscal 2016 155 2,296 — SMBC Funding Facility Fiscal 2025 $ 563 $ 1,893 $ — Fiscal 2024 502 1,962 — Fiscal 2023 401 1,937 — Fiscal 2022 451 1,772 — Fiscal 2021 401 1,792 — Fiscal 2020 453 1,824 — Fiscal 2019 301 2,042 — Fiscal 2018 245 2,362 — Fiscal 2017 60 2,415 — Fiscal 2016 105 2,296 — BNP Funding Facility Fiscal 2025 $ 717 $ 1,893 $ — Fiscal 2024 889 1,962 — Fiscal 2023 575 1,937 — Fiscal 2022 245 1,772 — Fiscal 2021 — 1,792 — 65
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Class and Year Total AmountOutstandingExclusive ofTreasurySecurities(1) AssetCoverage PerUnit(2) InvoluntaryLiquidatingPreference PerUnit(3) Average MarkeValue Per Unit Fiscal 2020 150 1,824 — SBA Debentures Fiscal 2017 $ — $ — $ — Fiscal 2016 25 2,296 — April 2036 CLO Notes(5) Fiscal 2025 $ 476 $ 1,893 $ — Fiscal 2024 476 1,962 — October 2036 CLO Secured Loans(5) Fiscal 2025 $ 544 $ 1,893 $ — Fiscal 2024 544 1,962 — January 2038 CLO Notes(5) Fiscal 2025 $ 700 $ 1,893 $ — 2017 Convertible Notes Fiscal 2016 $ 163 $ 2,296 $ — 2018 Convertible Notes Fiscal 2017 $ 270 $ 2,415 $ — Fiscal 2016 270 2,296 — 2019 Convertible Notes Fiscal 2018 $ 300 $ 2,362 $ — Fiscal 2017 300 2,415 — Fiscal 2016 300 2,296 — 2022 Convertible Notes Fiscal 2021 $ 388 $ 1,792 $ — Fiscal 2020 388 1,824 — Fiscal 2019 388 2,042 — Fiscal 2018 388 2,362 — Fiscal 2017 388 2,415 — 2024 Convertible Notes Fiscal 2023 $ 403 $ 1,937 $ — Fiscal 2022 403 1,772 — Fiscal 2021 403 1,792 — Fiscal 2020 403 1,824 — Fiscal 2019 403 2,042 — 2018 Notes Fiscal 2017 $ 750 $ 2,415 $ — Fiscal 2016 750 2,296 — 2020 Notes Fiscal 2018 $ 600 $ 2,362 $ — Fiscal 2017 600 2,415 — Fiscal 2016 600 2,296 — 2022 Notes Fiscal 2020 $ 600 $ 1,824 $ — Fiscal 2019 600 2,042 — Fiscal 2018 600 2,362 — Fiscal 2017 600 2,415 — 66
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Class and Year Total AmountOutstandingExclusive ofTreasurySecurities(1) AssetCoverage PerUnit(2) InvoluntaryLiquidatingPreference PerUnit(3) Average MarkeValue Per Unit( Fiscal 2016 600 2,296 — October 2022 Notes Fiscal 2016 $ 183 $ 2,296 $ — $ 1, 2023 Notes Fiscal 2022 $ 750 $ 1,772 $ — Fiscal 2021 750 1,792 — Fiscal 2020 750 1,824 — Fiscal 2019 750 2,042 — Fiscal 2018 750 2,362 — Fiscal 2017 750 2,415 — June 2024 Notes Fiscal 2023 $ 900 $ 1,937 $ — Fiscal 2022 900 1,772 — Fiscal 2021 900 1,792 — Fiscal 2020 900 1,824 — Fiscal 2019 900 2,042 — March 2025 Notes Fiscal 2024 $ 600 $ 1,962 $ — Fiscal 2023 600 1,937 — Fiscal 2022 600 1,772 — Fiscal 2021 600 1,792 — Fiscal 2020 600 1,824 — Fiscal 2019 600 2,042 — Fiscal 2018 600 2,362 — July 2025 Notes Fiscal 2024 $ 1,250 $ 1,962 $ — Fiscal 2023 1,250 1,937 — Fiscal 2022 1,250 1,772 — Fiscal 2021 1,250 1,792 — Fiscal 2020 750 1,824 — January 2026 Notes Fiscal 2025 $ 1,150 $ 1,893 $ — Fiscal 2024 1,150 1,962 — Fiscal 2023 1,150 1,937 — Fiscal 2022 1,150 1,772 — Fiscal 2021 1,150 1,792 — Fiscal 2020 1,150 1,824 — July 2026 Notes Fiscal 2025 $ 1,000 $ 1,893 $ — Fiscal 2024 1,000 1,962 — Fiscal 2023 1,000 1,937 — Fiscal 2022 1,000 1,772 — Fiscal 2021 1,000 1,792 — January 2027 Notes Fiscal 2025 $ 900 $ 1,893 $ — 67
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Class and Year Total AmountOutstandingExclusive ofTreasurySecurities(1) AssetCoverage PerUnit(2) InvoluntaryLiquidatingPreference PerUnit(3) Average MarkeValue Per Unit( Fiscal 2024 900 1,962 — Fiscal 2023 900 1,937 — June 2027 Notes Fiscal 2025 $ 500 $ 1,893 $ — Fiscal 2024 500 1,962 — Fiscal 2023 500 1,937 — Fiscal 2022 500 1,772 — June 2028 Notes Fiscal 2025 $ 1,250 $ 1,893 $ — Fiscal 2024 1,250 1,962 — Fiscal 2023 1,250 1,937 — Fiscal 2022 1,250 1,772 — Fiscal 2021 1,250 1,792 — March 2029 Notes Fiscal 2025 $ 1,000 $ 1,893 $ — Fiscal 2024 1,000 1,962 — July 2029 Notes Fiscal 2025 $ 850 $ 1,893 $ — Fiscal 2024 850 1,962 — September 2030 Notes Fiscal 2025 $ 750 $ 1,893 $ — January 2031 Notes Fiscal 2025 $ 650 $ 1,893 $ — November 2031 Notes Fiscal 2025 $ 700 $ 1,893 $ — Fiscal 2024 700 1,962 — Fiscal 2023 700 1,937 — Fiscal 2022 700 1,772 — Fiscal 2021 700 1,792 — March 2032 Notes Fiscal 2025 $ 1,000 $ 1,893 $ — 2047 Notes Fiscal 2020 $ 230 $ 1,824 $ — $ 1, Fiscal 2019 230 2,042 — 1, Fiscal 2018 230 2,362 — 1, Fiscal 2017 230 2,415 — 1, Fiscal 2016 230 2,296 — 1, _______________________________________________________________________________ (1) Total amount of each class of senior securities outstanding at principal value at the end of the period presented. (2) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the “Asset Coverage Per Unit” (including for the October 2022 Notes and the 2047 Notes, which were issued in $25 increments). In June 2016, we received exemptive relief from the SEC allowing us to modify the asset coverage requirements to exclude debentures issued by Ares Venture Finance, L.P. and guaranteed by the Small Business Administration (the “SBA”), 68
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subject to the issuance of a capital commitment by the SBA and other customary procedures (the “SBA Debentures”), from this calculation. As such, the asset coverage ratio beginning with Fiscal 2016 excludes the SBA Debentures. Certain prior year amounts have been reclassified to conform to the 2016 and 2017 presentation. In particular, unamortized debt issuance costs were previously included in other assets and were reclassified to long ‑ term debt as a result of the adoption of Accounting Standards Update 2015 ‑ 03, Interest- Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs during the first quarter of 2016. (3) The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. (4) Not applicable, except for with respect to the October 2022 Notes and the 2047 Notes, as other senior securities are not registered for public trading on a stock exchange. The average market value per unit for each of the October 2022 Notes and the 2047 Notes is based on the average daily prices of such notes and is expressed per $1,000 of indebtedness (including for the October 2022 Notes and the 2047 Notes, which were issued in $25 increments). (5) Excludes the April 2036 CLO Subordinated Notes, the October 2036 CLO Subordinated Notes and the January 2038 CLO Subordinated Notes, which were retained by us and, as such, eliminated in consolidation. Item 6. [Reserved] 69
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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The information contained in this section should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this Annual Report. In addition, some of the statements in this Annual Report (including in the following discussion) constitute forward-looking statements, which relate to future events or the future performance or financial condition of Ares Capital Corporation (the “Company,” “Ares Capital,” “we,” “us,” or “our”). The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning: • our, or our portfolio companies’, future business, operations, operating results or prospects; • the return or impact of current and future investments; • the impact of a protracted decline in the liquidity of credit markets on our business; • changes in the general economy, including those caused by tariffs and trade disputes with other countries, changes in inflation and risk of recession; • fluctuations in global interest rates; • the impact of changes in laws or regulations (including the interpretation thereof), including tax laws, governing our operations or the operations of our portfolio companies or the operations of our competitors; • the valuation of our investments in portfolio companies, particularly those having no liquid trading market; • our ability to recover unrealized losses; • market conditions and our ability to access different debt markets and additional debt and equity capital and our ability to manage our capital resources effectively; • our contractual arrangements and relationships with third parties; • political and regulatory conditions that contribute to uncertainty and market volatility including the impact of any prolonged U.S. government shutdown as well as the legislative, regulatory, trade, immigration and other policies associated with the current U.S. presidential administration; • the impact of supply chain constraints on our portfolio companies and the global economy; • uncertainty surrounding global financial stability; • ongoing conflicts in the Middle East, recent U.S. military action in Venezuela, and the Russia-Ukraine war, including the potential for volatility in energy prices and other commodities and their impact on the industries in which we invest; • the disruption of global shipping activities; • the financial condition of our current and prospective portfolio companies and their ability to achieve their objectives; • the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; • the impact of global health crises on our or our portfolio companies’ business and the U.S. and global economy; • our ability to anticipate and identify evolving market expectations with respect to environmental, social and governance matters, including the environmental impacts of our portfolio companies’ supply chain and operations; • our ability to successfully complete and integrate any acquisitions; • the outcome and impact of any litigation or regulatory proceeding; 70
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• the adequacy of our cash resources and working capital; • the timing, form and amount of any dividend distributions; • the timing of cash flows, if any, from the operations of our portfolio companies; and • the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments. We use words such as “anticipates,” “believes,” “expects,” “intends,” “projects,” “seeks,” “estimates,” “will,” “should,” “could,” “would,” “likely,” “may” and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. You should not place undue reliance on these forward-looking statements, and our actual results and condition could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Risk Factors” and the other information included in this Annual Report. We have based the forward-looking statements included in this Annual Report on information available to us as of the filing date of this Annual Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10- Q and current reports on Form 8-K. OVERVIEW We are a specialty finance company that is a closed-end, non-diversified management investment company incorporated in Maryland. We have elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). We are externally managed by Ares Capital Management LLC (“Ares Capital Management” or our “investment adviser”), a subsidiary of Ares Management Corporation (“Ares Management”), a publicly traded, leading global alternative investment manager, pursuant to our investment advisory and management agreement. Ares Operations LLC (“Ares Operations” or our “administrator”), a subsidiary of Ares Management, provides certain administrative and other services necessary for us to operate. Our investment objective is to generate both current income and capital appreciation through debt and equity investments. We invest primarily in first lien senior secured loans (including “unitranche” loans, which are loans that combine both senior and subordinated loans, generally in a first lien position) and second lien senior secured loans. In addition to senior secured loans, we also invest in subordinated loans (sometimes referred to as mezzanine debt) and preferred equity. To a lesser extent, we also make common equity investments, which have generally been non-control equity investments of less than $20 million (usually in conjunction with a concurrent debt investment). However, we may increase the size or change the nature of these investments. Since our initial public offering (“IPO”) on October 8, 2004 through December 31, 2025, our exited investments resulted in an asset level realized gross internal rate of return to us of approximately 13% (based on original cash invested, net of syndications, of approximately $55.7 billion and total proceeds from such exited investments of approximately $71.7 billion). Internal rate of return is the discount rate that makes the net present value of all cash flows related to a particular investment equal to zero. Internal rate of return is gross of expenses related to investments as these expenses are not allocable to specific investments. Investments are considered to be exited when the original investment objective has been achieved through the receipt of cash and/or non-cash consideration upon the repayment of a debt investment or sale of an investment or through the determination that no further consideration was collectible and, thus, a loss may have been realized. Additionally, since our IPO on October 8, 2004 through December 31, 2025, our realized gains have exceeded our realized losses by approximately $1.0 billion (excluding a one-time gain on the acquisition of Allied Capital Corporation in April 2010 (the “Allied Acquisition”), income tax expense on net realized gains, and realized gains/losses from the extinguishment of debt and other transactions). For the same time period, our average annualized net realized gain rate was approximately 0.8% (excluding a one-time gain on the Allied Acquisition, income tax expense on net realized gains, and 71
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realized gains/losses from the extinguishment of debt and other transactions). Net realized gain/loss rates for a particular period are the amount of net realized gains/losses during such period divided by the average quarterly investments at amortized cost in such period. Information included herein regarding internal rates of return, realized gains and losses and annualized net realized gain rates are historical results relating to our past performance and are not necessarily indicative of future results, the achievement of which cannot be assured. As a BDC, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities and indebtedness of private U.S. companies and certain public U.S. companies, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. We also may invest up to 30% of our portfolio in non-qualifying assets, as permitted by the Investment Company Act. Specifically, as part of this 30% basket, we may invest in entities that are not considered “eligible portfolio companies” (as defined in the Investment Company Act), including companies located outside of the United States, entities that are operating pursuant to certain exceptions under the Investment Company Act, and publicly traded entities whose public equity market capitalization exceeds the levels provided for under the Investment Company Act. In addition, we, our investment adviser and certain of our affiliates have received an order from the SEC that permits us and other BDCs and registered closed-end management investment companies managed by Ares Management to co-invest in portfolio companies with each other and with other affiliated investment entities (the “Co-Investment Exemptive Order”). As required by the Co-Investment Exemptive Order, we have adopted, and our board of directors has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Co-Investment Exemptive Order, and our investment adviser and our Chief Compliance Officer will provide reporting to our board of directors. Co-investments made under the Co-Investment Exemptive Order are subject to compliance with certain conditions and other requirements, which could limit our ability to participate in co-investment transactions. As a result of investments permitted by the Co-Investment Exemptive Order, there could be significant overlap in our investment portfolio and the investment portfolio of affiliated Ares Management entities that can rely on the Co-Investment Exemptive Order and have an investment objective similar to ours. We may also otherwise co-invest with funds managed by Ares Management or any of its downstream affiliates, subject to compliance with existing regulatory guidance, applicable regulations and our investment adviser’s allocation policy. We have elected to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, we must, among other requirements, meet certain source-of-income and asset diversification requirements and timely distribute to our stockholders generally at least 90% of our investment company taxable income, as defined by the Code, for each year. Pursuant to this election, we generally will not have to pay U.S. federal corporate-level taxes on any income that we distribute to our stockholders provided that we satisfy those requirements. MACROECONOMIC ENVIRONMENT In 2025, U.S. leveraged corporate credit markets delivered positive total returns, supported by growing U.S. gross domestic product and consumer spending, stable inflation and historically low unemployment. These tailwinds were partially offset by slower job growth and increased uncertainty related to tariff policies and risks from various geopolitical developments. Although future economic growth in the U.S. is expected to slow relative to 2024 levels, the U.S debt and equity markets have shown strength as the Federal Reserve’s anticipated accommodative monetary policies are expected to support overall economic activity. 72
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PORTFOLIO AND INVESTMENT ACTIVITY Our investment activity for the years ended December 31, 2025 and 2024 is presented below. For the Years Ended December 31, (dollar amounts in millions) 2025 2024 New investment commitments(1): New portfolio companies $ 7,185 $ 4,418 Existing portfolio companies 8,590 10,663 Total new investment commitments(2) $ 15,775 $ 15,081 Less: Investment commitments exited(3) (12,106) (10,103) Net investment commitments $ 3,669 $ 4,978 Principal amount of investments funded: First lien senior secured loans(4) $ 11,593 $ 11,269 Second lien senior secured loans 254 172 Subordinated certificates of the SDLP(5) 196 211 Senior subordinated loans 428 281 Preferred equity 187 148 Ivy Hill Asset Management, L.P.(6) 812 412 Other equity 394 374 Total $ 13,864 $ 12,867 Principal amount of investments sold or repaid: First lien senior secured loans(4) $ 9,096 $ 6,054 Second lien senior secured loans 723 2,120 Subordinated certificates of the SDLP(5) 362 271 Senior subordinated loans 168 241 Preferred equity 513 298 Ivy Hill Asset Management, L.P.(6) 282 474 Other equity 446 188 Total $ 11,590 $ 9,646 Number of new investment commitments(7) 321 293 Average new investment commitment amount $ 49 $ 51 Weighted average term for new investment commitments (in months) 71 74 Percentage of new investment commitments at floating rates 93 % 94 % Percentage of new investment commitments at fixed rates 4 % 3 % Weighted average yield of debt and other income producing securities(8): Funded during the period at amortized cost 9.7 % 10.6 % Funded during the period at fair value(9) 9.7 % 10.7 % Exited or repaid during the period at amortized cost 10.1 % 11.8 % Exited or repaid during the period at fair value(9) 10.1 % 12.0 % _______________________________________________________________________________ (1) New investment commitments include new agreements to fund revolving loans or delayed draw loans. See Note 7 to our consolidated financial statements for the year ended December 31, 2025 for more information on our commitments to fund revolving loans or delayed draw loans. (2) Includes both funded and unfunded commitments. Of these new investment commitments, we funded $11.4 billion and $11.8 billion for the years ended December 31, 2025 and 2024, respectively. 73
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(3) Includes both funded and unfunded commitments. For the years ended December 31, 2025 and 2024, investment commitments exited included exits of unfunded commitments of $1.7 billion and $1.3 billion, respectively. (4) For the years ended December 31, 2025 and 2024, net fundings (repayments) of first lien secured revolving loans were $20 million and $(68) million, respectively. (5) See “Senior Direct Lending Program” below and Note 4 to our consolidated financial statements for the year ended December 31, 2025 for more information on the SDLP (as defined below). (6) Includes our subordinated loan to and equity investments in IHAM (as defined below), as applicable. See “Ivy Hill Asset Management, L.P.” below and Note 4 to our consolidated financial statements for the year ended December 31, 2025 for more information on IHAM. (7) Number of new investment commitments represents each commitment to a particular portfolio company or a commitment to multiple companies as part of an individual transaction (e.g., the purchase of a portfolio of investments). (8) “Weighted average yield of debt and other income producing securities” is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities (including the annualized amount of the regular dividend received by us related to our equity investment in IHAM during the most recent quarter end, as applicable), divided by (b) the total accruing debt and other income producing securities at amortized cost or at fair value (including the amortized cost or fair value of our equity investment in IHAM as applicable), as applicable. (9) Represents fair value for investments in the portfolio as of the most recent prior quarter end, if applicable. As of December 31, 2025 and 2024, our investments consisted of the following: As of December 31, 2025 2024 (in millions) Amortized Cost(1) Fair Value Amortized Cost(1) Fair Value First lien senior secured loans(2) $ 18,103 $ 17,858 $ 15,519 $ 15,179 Second lien senior secured loans 1,558 1,487 1,935 1,847 Subordinated certificates of the SDLP(3) 1,103 1,117 1,263 1,192 Senior subordinated loans 1,690 1,585 1,384 1,351 Preferred equity 2,597 2,475 2,667 2,649 Ivy Hill Asset Management, L.P.(4) 2,231 2,434 1,701 1,915 Other equity 1,968 2,529 1,905 2,587 Total $ 29,250 $ 29,485 $ 26,374 $ 26,720 _______________________________________________________________________________ (1) The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and payment-in-kind (“PIK”) interest or dividends. (2) First lien senior secured loans include certain loans that we classify as “unitranche” loans. The total amortized cost and fair value of the loans that we classified as “unitranche” loans were $11.3 billion and $11.2 billion, respectively, as of December 31, 2025, and $8.8 billion and $8.6 billion, respectively, as of December 31, 2024. (3) The proceeds from these certificates were applied to co-investments with Varagon Capital Partners (“Varagon”) and its clients to fund first lien senior secured loans to 39 and 20 different borrowers as of December 31, 2025 and 2024, respectively. (4) Includes our subordinated loan to and equity investments in IHAM, as applicable. We have commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to fund which are at (or substantially at) our discretion. Our commitment to fund delayed draw loans is triggered 74
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upon the satisfaction of certain pre-negotiated terms and conditions. Generally, the most significant and uncertain term requires the borrower to satisfy a specific use of proceeds covenant. The use of proceeds covenant typically requires the borrower to use the additional loans for the specific purpose of a permitted acquisition or permitted investment, for example. In addition to the use of proceeds covenant, the borrower is generally required to satisfy additional negotiated covenants (including specified leverage levels). We are also party to subscription agreements to fund equity investments. See Note 7 to our consolidated financial statements for the year ended December 31, 2025 for more information on our unfunded commitments, including commitments to issue letters of credit, related to certain of our portfolio companies. The weighted average yields at amortized cost and fair value of the following portions of our portfolio as of December 31, 2025 and 2024 were as follows: As of December 31, 2025 2024 Amortized Cost Fair Value Amortized Cost Fair Value Debt and other income producing securities(1) 10.3 % 10.3 % 11.1 % 11.2 % Total portfolio(2) 9.4 % 9.3 % 10.0 % 9.9 % First lien senior secured loans(3) 9.1 % 9.2 % 9.9 % 10.1 % Second lien senior secured loans(3) 10.2 % 10.7 % 12.1 % 12.7 % Subordinated certificates of the SDLP(3)(6) 13.2 % 13.0 % 12.4 % 13.2 % Senior subordinated loans(3) 10.5 % 11.0 % 11.9 % 12.2 % Ivy Hill Asset Management L.P.(4) 17.2 % 15.3 % 16.7 % 14.8 % Other income producing equity securities(5) 11.0 % 11.3 % 11.3 % 11.5 % _______________________________________________________________________________ (1) “Weighted average yields on debt and other income producing securities” are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities (including the annualized amount of the regular dividend received by us related to our equity investment in IHAM during the most recent quarter end), divided by (b) the total accruing debt and other income producing securities at amortized cost or at fair value (including the amortized cost or fair value of our equity investment in IHAM as applicable), as applicable. (2) “Weighted average yields on total portfolio” are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities (including the annualized amount of the regular dividend received by us related to our equity investment in IHAM during the most recent quarter end), divided by (b) total investments at amortized cost or at fair value, as applicable. (3) “Weighted average yields” of investments are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on the relevant accruing investments, divided by (b) the total relevant investments at amortized cost or at fair value, as applicable. (4) Represents the yield on our equity investment in IHAM, which is computed as (a) the annualized amount of the regular dividend received by us related to our equity investment in IHAM during the most recent quarter end, divided by (b) the amortized cost or fair value of our equity investment in IHAM, as applicable. (5) “Weighted average yield on other income producing equity securities” is computed as (a) the yield earned on the relevant income producing equity securities, divided by (b) the total relevant income producing equity securities at amortized cost or fair value, as applicable. (6) The proceeds from these certificates were applied to co-investments with Varagon and its clients to fund first lien senior secured loans. Ares Capital Management employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our investment adviser grades the credit risk of all investments on a scale of 1 to 4 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account under certain circumstances the performance of the portfolio company’s business, the collateral coverage 75
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of the investment and other relevant factors. The grade of a portfolio investment may be reduced or increased over time. The following is a description of each investment grade: Investment grade Description 4 Involves the least amount of risk to our initial cost basis. The trends and risk factors for this investment sinceorigination or acquisition are generally favorable, which may include the performance of the portfolio companyor a potential exit. 3 Involves a level of risk to our initial cost basis that is similar to the risk to our initial cost basis at the time oforigination or acquisition. This portfolio company is generally performing as expected and the risk factors toour ability to ultimately recoup the cost of our investment are neutral to favorable. All investments or acquiredinvestments in new portfolio companies are initially assessed a grade of 3. 2 Indicates that the risk to our ability to recoup the initial cost basis of such investment has increased materiallysince origination or acquisition, including as a result of factors such as declining performance and non-compliance with debt covenants; however, payments are generally not more than 120 days past due. Forinvestments graded 2, our investment adviser enhances its level of scrutiny over the monitoring of suchportfolio company. 1 Indicates that the risk to our ability to recoup the initial cost basis of such investment has substantially increasedsince origination or acquisition, and the portfolio company likely has materially declining performance. Fordebt investments with an investment grade of 1, most or all of the debt covenants are out of compliance andpayments are substantially delinquent. For investments graded 1, it is anticipated that we will not recoup ourinitial cost basis and may realize a substantial loss of our initial cost basis upon exit. For investments graded 1,our investment adviser enhances its level of scrutiny over the monitoring of such portfolio company. Set forth below is the grade distribution of our portfolio companies as of December 31, 2025 and 2024: As of December 31, 2025 2024 (dollar amounts in millions) Fair Value % Number ofCompanies % Fair Value % Number ofCompanies % Grade 4 $ 5,040 17.1 % 65 10.8 % $ 4,792 17.9 % 64 11.6 % Grade 3 23,322 79.1 486 80.6 21,156 79.2 432 78.6 Grade 2 675 2.3 27 4.5 513 1.9 31 5.6 Grade 1 448 1.5 25 4.1 259 1.0 23 4.2 Total $ 29,485 100.0 % 603 100.0 % $ 26,720 100.0 % 550 100.0 % As of December 31, 2025 and 2024, the weighted average grade of the investments in our portfolio at fair value was 3.1 and 3.1, respectively. As of December 31, 2025 and 2024, loans on non-accrual status represented 1.8% of the total investments at amortized cost (or 1.2% at fair value) and 1.7% at amortized cost (or 1.0% at fair value), respectively. Ivy Hill Asset Management, L.P. Ivy Hill Asset Management, L.P. (“IHAM”), our wholly owned portfolio company, is an asset manager and an SEC-registered investment adviser. As of December 31, 2025, IHAM had assets under management of approximately $14.6 billion. As of December 31, 2025, IHAM managed 23 vehicles (the “IHAM Vehicles”). IHAM earns fee income from managing the IHAM Vehicles and has also invested in certain of these vehicles as part of its business strategy. The amortized cost of IHAM’s total investments as of December 31, 2025 and 2024 was $3,190 million and $2,237 million, respectively. For the years ended December 31, 2025 and 2024, IHAM had management and incentive fee income of $52 million and $53 million, respectively, and other investment-related income of $282 million and $344 million, respectively, which included net realized gains or losses on investments and other transactions. The amortized cost and fair value of our investments in IHAM as of December 31, 2025 and 2024 were as follows: 76
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As of December 31, 2025 2024 (in millions) Amortized Cost Fair Value Amortized Cost Fair Value Subordinated loan(1) $ 530 $ 530 $ — $ — Equity 1,701 1,904 1,701 1,915 Total investment in IHAM $ 2,231 $ 2,434 $ 1,701 $ 1,915 _______________________________________________________________________________ (1) We have provided a commitment to fund up to $750 million and $500 million, as of December 31, 2025 and 2024, respectively, to IHAM, with availability of funding solely at our discretion. The interest income and dividend income that we earned from IHAM for the years ended December 31, 2025 and 2024 were as follows: For the Years Ended December 31, (in millions) 2025 2024 Interest income $ 8 $ 2 Dividend income $ 292 $ 285 From time to time, IHAM or certain IHAM Vehicles may purchase investments from, or sell investments to, us. For any such sales or purchases by the IHAM Vehicles to or from us, the IHAM Vehicle must obtain approval from third parties unaffiliated with us or IHAM, as applicable. During the years ended December 31, 2025 and 2024, IHAM or certain of the IHAM Vehicles purchased $3.7 billion and $759 million, respectively, of loans from us. For the years ended December 31, 2025 and 2024, we recognized approximately $0 million and $1 million of net realized losses, respectively, from these sales. During the year ended December 31, 2025, neither IHAM nor any IHAM Vehicles sold any investments to us. During the year ended December 31, 2024, IHAM or certain IHAM vehicles sold $32 million of investments to us. The yields at amortized cost and fair value of our investments in IHAM as of December 31, 2025 and 2024 were as follows: As of December 31, 2025 2024 Amortized Cost Fair Value Amortized Cost Fair Value Subordinated loan 10.3 % 10.3 % — % — % Equity(1) 17.2 % 15.3 % 16.7 % 14.8 % _______________________________________________________________________________ (1) Represents the yield on our equity investment in IHAM, which is computed as (a) the annualized amount of the regular dividend received by us related to our equity investment in IHAM during the most recent quarter end, divided by (b) the amortized cost or fair value of our equity investment in IHAM, as applicable. Selected Financial Information Pursuant to Rule 4-08(g) of Regulation S-X, selected financial information of IHAM, in conformity with U.S. generally accepted accounting principles (“GAAP”), as of and for the years ended December 31, 2025 and 2024 are presented below. In conformity with GAAP, IHAM is required to consolidate entities in which IHAM has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model, which include certain of the IHAM Vehicles (the “Consolidated IHAM Vehicles”). As such, for GAAP purposes only, IHAM consolidates (a) entities in which it holds a majority voting interest or has majority ownership and control over the operational, financial and investing decisions of that entity and (b) entities that it concludes are variable interest entities in which IHAM has more than insignificant economic interest and power to direct the activities that most significantly impact the entities, and for which IHAM is deemed to be the primary beneficiary. 77
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When IHAM consolidates an IHAM Vehicle for GAAP purposes only, IHAM reflects the assets, liabilities, revenues and expenses of the Consolidated IHAM Vehicles on a gross basis, including the economic interests held by third-party investors in the Consolidated IHAM Vehicles as debt obligations, subordinated notes or non-controlling interests, in the consolidated IHAM financials below. All of the revenues earned by IHAM as the investment manager of the Consolidated IHAM Vehicles are eliminated in GAAP consolidation. However, because the eliminated amounts are earned from and funded by third-party investors, the GAAP consolidation of an IHAM Vehicle does not impact the net income or loss attributable to IHAM. As a result, we believe an assessment of IHAM’s business and the impact to our investment in IHAM is best viewed on a stand-alone basis as reflected in the first column in the tables below. As of December 31, 2025 (in millions) IHAM ConsolidatedIHAM Vehicles(1) Eliminations Consolidated Selected Balance Sheet Information: Assets Investments at fair value(2) $ 3,108 $ 11,504 $ (3,013) $ 11,599 Cash and cash equivalents 10 597 — 607 Other assets 93 146 (82) 157 Total assets $ 3,211 $ 12,247 $ (3,095) $ 12,363 Liabilities Debt $ 893 $ 8,622 $ — $ 9,515 Subordinated note from ARCC 531 — — 531 Subordinated notes(3) — 1,277 (941) 336 Other liabilities 20 311 (18) 313 Total liabilities 1,444 10,210 (959) 10,695 Equity Contributed capital 1,701 — — 1,701 Accumulated earnings 148 — — 148 Net unrealized losses on investments and foreign currencytransactions(4) (82) — — (82) Non-controlling interests in Consolidated IHAM Vehicles(5) — 2,037 (2,136) (99) Total equity 1,767 2,037 (2,136) 1,668 Total liabilities and equity $ 3,211 $ 12,247 $ (3,095) $ 12,363 78
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As of December 31, 2024 (in millions) IHAM ConsolidatedIHAM Vehicles(1) Eliminations Consolidated Selected Balance Sheet Information: Assets Investments at fair value(2) $ 2,160 $ 8,098 $ (2,086) $ 8,172 Cash and cash equivalents 9 967 — 976 Other assets 60 122 (54) 128 Total assets $ 2,229 $ 9,187 $ (2,140) $ 9,276 Liabilities Debt $ 406 $ 6,550 $ — $ 6,956 Subordinated notes(3) — 1,025 (714) 311 Other liabilities 16 266 (13) 269 Total liabilities 422 7,841 (727) 7,536 Equity Contributed capital 1,700 — — 1,700 Accumulated earnings 186 — — 186 Net unrealized losses on investments and foreign currencytransactions(4) (79) — — (79) Non-controlling interests in Consolidated IHAM Vehicles(5) — 1,346 (1,413) (67) Total equity 1,807 1,346 (1,413) 1,740 Total liabilities and equity $ 2,229 $ 9,187 $ (2,140) $ 9,276 ____________________________________ (1) Consolidated for GAAP purposes only. (2) The determination of such fair value is determined in accordance with IHAM’s valuation process (separate and apart from our valuation process described elsewhere herein). The amortized cost of IHAM’s total investments as of December 31, 2025 and 2024 was $3,190 million and $2,237 million, respectively. The amortized cost of the total investments of IHAM on a consolidated basis as of December 31, 2025 and 2024 was $11,766 million and $8,343 million, respectively. (3) Subordinated notes generally represent the most junior capital in certain of the Consolidated IHAM Vehicles and effectively represent equity in such vehicles. (4) As of December 31, 2025 and 2024, net unrealized losses of $85 million and $70 million, respectively, have been eliminated upon consolidation and the elimination is included in “non-controlling interests in Consolidated IHAM Vehicles” in the selected balance sheet information. (5) Non-controlling interests in Consolidated IHAM Vehicles includes net unrealized depreciation in the Consolidated IHAM Vehicles of $167 million and $171 million as of December 31, 2025 and 2024, respectively. 79
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For the Year Ended December 31, 2025 (in millions) IHAM ConsolidatedIHAM Vehicles(1) Eliminations Consolidated Selected Statement of Operations Information: Revenues Investment income $ 310 $ 930 $ (304) $ 936 Management fees and other income 52 11 (51) 12 Total revenues 362 941 (355) 948 Expenses Interest expense 64 487 — 551 Distributions to subordinated notes — 147 (105) 42 Management fees and other expenses 17 59 (51) 25 Total expenses 81 693 (156) 618 Net operating income 281 248 (199) 330 Net realized losses on investments and foreign currency (28) (99) 18 (109) Net realized gains (losses) on extinguishment of debt — 21 (23) (2) Net unrealized gains (losses) on investments, foreign currency andother transactions (3) (13) 16 — Total net realized and unrealized losses on investments, foreigncurrency and other transactions (31) (91) 11 (111) Net income 250 157 (188) 219 Less: Net income (loss) attributable to non-controlling interests inConsolidated IHAM Vehicles — 157 (188) (31) Net income attributable to Ivy Hill Asset Management, L.P. $ 250 $ — $ — $ 250 For the Year Ended December 31, 2024 (in millions) IHAM ConsolidatedIHAM Vehicles(1) Eliminations Consolidated Selected Statement of Operations Information: Revenues Investment income $ 344 $ 1,014 $ (337) $ 1,021 Management fees and other income 53 12 (50) 15 Total revenues 397 1,026 (387) 1,036 Expenses Interest expense 37 564 — 601 Distributions to subordinated notes — 207 (152) 55 Management fees and other expenses 15 61 (50) 26 Total expenses 52 832 (202) 682 Net operating income 345 194 (185) 354 Net realized gains (losses) on investments and foreign currency — (132) (4) (136) Net realized gain on extinguishment of debt — 1 2 3 Net unrealized gains (losses) on investments, foreign currency andother transactions (64) 62 57 55 Total net realized and unrealized losses on investments, foreigncurrency and other transactions (64) (69) 55 (78) Net income 281 125 (130) 276 Less: Net income (loss) attributable to non-controlling interests inConsolidated IHAM Vehicles — 125 (130) (5) Net income attributable to Ivy Hill Asset Management, L.P. $ 281 $ — $ — $ 281 ____________________________________ (1) Consolidated for GAAP purposes only. 80
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Senior Direct Lending Program We have established a joint venture with Varagon to make certain first lien senior secured loans, including certain stretch senior and unitranche loans, primarily to U.S. middle-market companies. The joint venture is called the Senior Direct Lending Program, LLC (d/b/a the “Senior Direct Lending Program” or the “SDLP”). In July 2016, we and Varagon and its clients completed the initial funding of the SDLP. We, and other BDCs, registered closed-end management investment companies and other affiliated investment entities managed by our investment adviser or its affiliates, may directly co-invest with the SDLP in accordance with the terms of the Co-Investment Exemptive Order. The SDLP is capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the SDLP, including co- investment transactions made by the SDLP in accordance with the terms of the Co-Investment Order, must be approved by an investment committee of the SDLP consisting of representatives of ours and Varagon (with approval from a representative of each required). We provide capital to the SDLP in the form of subordinated certificates (the “SDLP Certificates”), and Varagon and its clients provide capital to the SDLP in the form of senior notes, intermediate funding notes and the SDLP Certificates. As of December 31, 2025, we and a client of Varagon owned 87.5% and 12.5%, respectively, of the outstanding SDLP Certificates. As of December 31, 2025 and 2024, we and Varagon and its clients had agreed to make capital available to the SDLP of $6.2 billion and $6.2 billion, respectively, in the aggregate, of which $1.4 billion and $1.4 billion, respectively, is to be made available from us. This capital will only be committed to the SDLP upon approval of transactions by the investment committee of the SDLP. Below is a summary of the funded capital and unfunded capital commitments of the SDLP. As of December 31, (in millions) 2025 2024 Total capital funded to the SDLP(1) $ 4,606 $ 5,054 Total capital funded to the SDLP by the Company(1) $ 1,285 $ 1,310 Total unfunded capital commitments to the SDLP(2) $ 259 $ 489 Total unfunded capital commitments to the SDLP by the Company(2) $ 60 $ 119 ___________________________________________________________________________ (1) At principal amount. (2) These commitments to fund delayed draw loans have been approved by the investment committee of the SDLP and will be funded if and when conditions to funding such delayed draw loans are met. The SDLP Certificates pay a coupon equal to Secured Overnight Financing Rate (“SOFR”) plus 8.0% and also entitle the holders thereof to receive a portion of the excess cash flow from the loan portfolio, after expenses, which may result in a return to the holders of the SDLP Certificates that is greater than the stated coupon. The SDLP Certificates are junior in right of payment to the senior notes and intermediate funding notes. The amortized cost and fair value of our SDLP Certificates and our yield on our investment in the SDLP Certificates at amortized cost and fair value as of December 31, 2025 and 2024 were as follows: As of December 31, 2025 2024 (dollar amounts in millions) Amortized Cost Fair Value Amortized Cost Fair Value Investment in the SDLP Certificates $ 1,103 $ 1,117 $ 1,263 $ 1,192 Yield on the investment in the SDLP Certificates 13.2 % 13.0 % 12.4 % 13.2 % The interest income and capital structuring service fees and other income earned with respect to our investment in the SDLP Certificates for the years ended December 31, 2025 and 2024 were as follows: 81
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For the Years Ended December 31, (in millions) 2025 2024 Interest income $ 145 $ 173 Capital structuring service fees and other income $ 9 $ 17 As of December 31, 2025 and 2024, the SDLP portfolio was comprised of first lien senior secured loans to primarily U.S. middle-market companies in industries similar to the companies in our portfolio. As of December 31, 2025, none of the loans in the SDLP portfolio were on non- accrual status. As of December 31, 2024, two of the loans in the SDLP portfolio were on non-accrual status. Below is a summary of the SDLP portfolio as of December 31, 2025 and 2024: As of December 31, (dollar amounts in millions) 2025 2024 Total first lien senior secured loans(1)(2) $ 4,297 $ 4,759 Weighted average yield on first lien senior secured loans(3) 8.5 % 8.9 % Largest loan to a single borrower(1) $ 413 $ 400 Total of five largest loans to borrowers(1) $ 1,719 $ 1,692 Number of borrowers in the SDLP 39 20 Commitments to fund delayed draw loans(4) $ 259 $ 489 _______________________________________________________________________________ (1) At principal amount. (2) First lien senior secured loans include certain loans that the SDLP classifies as “unitranche” loans. As of December 31, 2025 and 2024, the total principal amount of loans in the SDLP portfolio that the SDLP classified as “unitranche” loans was $2,844 million and $3,937 million, respectively. (3) Computed as (a) the annual stated interest rate on accruing first lien senior secured loans, divided by (b) total first lien senior secured loans at principal amount. (4) These commitments to fund delayed draw loans have been approved by the investment committee of the SDLP and will be funded if and when conditions to funding such delayed draw loans are met. Selected financial information of the SDLP, in conformity with GAAP, as of December 31, 2025 and 2024 and for the years ended December 31, 2025 and 2024 is presented below: As of December 31, (in millions) 2025 2024 Selected Balance Sheet Information: Investments at fair value (amortized cost of $4,305 and $4,591, respectively) $ 4,159 $ 4,390 Other assets 128 449 Total assets $ 4,287 $ 4,839 Senior notes $ 3,024 $ 3,428 Intermediate funding notes 113 130 Other liabilities 94 124 Total liabilities 3,231 3,682 Subordinated certificates and members’ capital 1,056 1,157 Total liabilities and members’ capital $ 4,287 $ 4,839 82
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For the Years Ended December 31, (in millions) 2025 2024 Selected Statement of Operations Information: Total investment income $ 406 $ 541 Interest expense 225 292 Other expenses 16 17 Total expenses 241 309 Net investment income 165 232 Net realized and unrealized losses on investments (45) (157) Net increase in members’ capital resulting from operations $ 120 $ 75 Additional supplemental financial information for the SDLP is set forth in Exhibit 99.2 to this Form 10-K. 83
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RESULTS OF OPERATIONS For the years ended December 31, 2025 and 2024 Operating results for the years ended December 31, 2025 and 2024 were as follows: For the Years Ended December 31, (in millions) 2025 2024 Total investment income $ 3,052 $ 2,990 Total expenses 1,594 1,514 Net investment income before income taxes 1,458 1,476 Income tax expense, including excise taxes 43 40 Net investment income 1,415 1,436 Net realized losses (20) (88) Net unrealized gains (losses) (96) 188 Realized loss on extinguishment of debt — (14) Net increase in stockholders’ equity resulting from operations $ 1,299 $ 1,522 Net income can vary substantially from period to period due to various factors, including acquisitions, the level of new investment commitments, the level of base interest rates and the recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, comparisons of net increase in stockholders’ equity resulting from operations may not be meaningful. Investment Income For the Years Ended December 31, (in millions) 2025 2024 Interest income from investments $ 2,183 $ 2,162 Capital structuring service fees 185 172 Dividend income 591 594 Other income 93 62 Total investment income $ 3,052 $ 2,990 Interest income from investments for the year ended December 31, 2025 increased from the comparable period in 2024 primarily due to the increase in the average size of our portfolio, which was partially offset by declining base rates. The average size and weighted average yield of our portfolio at amortized cost for the years ended December 31, 2025 and 2024 were as follows: For the Years Ended December 31, (dollar amounts in millions) 2025 2024 Average size of portfolio(1) $ 27,685 $ 24,402 Weighted average yield on portfolio 10.0 % 11.2 % _______________________________________________________________________________ (1) Includes non-interest earning investments. Capital structuring service fees for the year ended December 31, 2025 increased from the comparable period in 2024 primarily due to an increase in new investment commitments. The new investment commitments and weighted average capital structuring service fee percentages for the years ended December 31, 2025 and 2024 were as follows: 84
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For the Years Ended December 31, (dollar amounts in millions) 2025 2024 New investment commitments(1) $ 13,337 $ 12,152 Weighted average capital structuring service fee percentage(1) 1.4 % 1.4 % _______________________________________________________________________________ (1) Excludes $1.6 billion and $2.5 billion of new investment commitments sold to third-party lenders during the years ended December 31, 2025 and 2024, respectively. Excludes $812 million and $412 million of investment commitments to IHAM for the years ended December 31, 2025 and 2024, respectively. Dividend income for the years ended December 31, 2025 and 2024 were as follows: For the Years Ended December 31, (in millions) 2025 2024 Dividend income received from IHAM $ 292 $ 285 Recurring dividend income 278 287 Non-recurring dividend income 21 22 Total dividend income $ 591 $ 594 Recurring dividend income for the year ended December 31, 2025 decreased from the comparable period in 2024 primarily due to a decrease in yielding preferred equity investments. Operating Expenses For the Years Ended December 31, (in millions) 2025 2024 Interest and credit facility fees $ 793 $ 715 Base management fee 425 374 Income based fee 348 364 Capital gains incentive fee(1) (23) 18 Administrative and other fees 15 12 Other general and administrative 36 31 Total expenses $ 1,594 $ 1,514 _______________________________________________________________________________ (1) Accrued in accordance with GAAP as discussed below. As of December 31, 2025 and 2024, there was no capital gains incentive fee actually payable under our investment advisory and management agreement. Interest and credit facility fees for the years ended December 31, 2025 and 2024 were comprised of the following: For the Years Ended December 31, (in millions) 2025 2024 Stated interest expense(1) $ 736 $ 665 Credit facility fees 24 23 Amortization of debt issuance costs 34 33 Net amortization of discount/premium on notes payable — (6) Net gain on interest rate swaps accounted for as hedge instruments and the related hedged items (1) — Total interest and credit facility fees $ 793 $ 715 ________________________________________ (1) Includes the impact of the interest rate swaps. 85
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Stated interest expense for the year ended December 31, 2025 increased from the comparable period in 2024 primarily due to the increase in the average principal amount of our outstanding debt. Average outstanding debt and weighted average stated interest rate on our outstanding debt for the years ended December 31, 2025 and 2024 were as follows: For the Years Ended December 31, (dollar amounts in millions) 2025 2024 Average outstanding debt $ 14,669 $ 12,860 Weighted average stated interest rate on outstanding debt(1) 4.7 % 5.1 % ________________________________________ (1) The weighted average stated interest rate on our outstanding debt includes the impact of interest rate swaps. See Note 6 to our consolidated financial statements for the year ended December 31, 2025 for more information on the interest rate swaps. The base management fee for the year ended December 31, 2025 increased from the comparable period in 2024 primarily due to the increase in the average size of our portfolio. The income based fee for the year ended December 31, 2025 decreased from the comparable period in 2024 primarily due to the pre- incentive fee net investment income, as defined in the investment advisory and management agreement, for the year ended December 31, 2025 being lower than in the comparable period in 2024. For the year ended December 31, 2025, the reduction in the capital gains incentive fee accrued in accordance with GAAP was $23 million. For the year ended December 31, 2024, the capital gains incentive fee accrued in accordance with GAAP was $18 million. The capital gains incentive fee accrual for the year ended December 31, 2025 changed from the comparable period in 2024 primarily due to net losses on investments, foreign currency, other transactions and the extinguishment of debt of $116 million compared to net gains of $86 million for the comparable period in 2024. The capital gains incentive fee accrued under GAAP includes an accrual related to unrealized capital appreciation, whereas the capital gains incentive fee actually payable under our investment advisory and management agreement does not. There can be no assurance that such unrealized capital appreciation will be realized in the future. The accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. As of December 31, 2025, there was $82 million of capital gains incentive fee accrued in accordance with GAAP. As of December 31, 2025, there was no capital gains incentive fee actually payable under our investment advisory and management agreement. See Note 3 to our consolidated financial statements for the year ended December 31, 2025 for more information on the base management fee, income based fee and capital gains incentive fee. Cash payment of any income based fee and capital gains incentive fee otherwise earned by our investment adviser is deferred if during the most recent four full calendar quarter period ending on or prior to the date such payment is to be made the sum of (a) the aggregate distributions to our stockholders and (b) the change in net assets (defined as total assets less indebtedness and before taking into account any income based fee and capital gains incentive fee payable during the period) is less than 7.0% of our net assets (defined as total assets less indebtedness) at the beginning of such period. These calculations will be adjusted for any share issuances or repurchases. Any income based fee and capital gains incentive fee deferred for payment are carried over for payment in subsequent calculation periods to the extent such fees are payable under the terms of the investment advisory and management agreement. See Note 3 to our consolidated financial statements for the year ended December 31, 2025 for more information on the related deferral terms. Administrative and other fees represent fees paid to Ares Operations and our investment adviser for our allocable portion of overhead and other expenses incurred by Ares Operations and our investment adviser in performing their obligations under the administration agreement and the investment advisory and management agreement, respectively, including our allocable portion of the compensation, rent and other expenses of certain of our officers and their respective staffs. See Note 3 to our consolidated financial statements for the year ended December 31, 2025, for more information on the administrative and other fees. Other general and administrative expenses include, among other costs, professional fees, insurance, fees and expenses related to evaluating and making investments in portfolio companies and independent directors’ fees. 86
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Income Tax Expense, Including Excise Taxes We have elected to be treated as a RIC under the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, we must, among other requirements, meet certain source-of-income and asset diversification requirements and timely distribute to our stockholders at least 90% of our investment company taxable income, as defined by the Code, for each year. We have made and intend to continue to make the requisite distributions to our stockholders which will generally relieve us from U.S. federal corporate-level income taxes. Depending on the level of taxable income earned in a tax year, we may choose to carry forward such taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income, as required. To the extent that we determine that our estimated current year taxable income will be in excess of estimated dividend distributions for the current year from such income, we accrue excise tax, if any, on estimated excess taxable income as such taxable income is earned. For the years ended December 31, 2025 and 2024, we recorded a net expense of $37 million and $35 million, respectively, for U.S. federal excise taxes. Certain of our consolidated subsidiaries are subject to U.S. federal and state income taxes. For the years ended December 31, 2025 and 2024, we recorded a net tax expense of $121 million and $38 million, respectively, for such subsidiaries. The income tax expense for our taxable consolidated subsidiaries will vary depending on the level of realized gains from the exits of investments held by such taxable subsidiaries during the respective periods. Net Realized Gains/Losses The net realized gains (losses) from the sales, repayments or exits of investments during the years ended December 31, 2025 and 2024 were comprised of the following: For the Years Ended December 31, (in millions) 2025 2024 Sales, repayments or exits of investments(1) $ 11,565 $ 9,554 Net realized gains (losses) on investments: Gross realized gains $ 614 $ 325 Gross realized losses (513) (385) Total net realized gains (losses) on investments $ 101 $ (60) _______________________________________________________________________________ (1) Includes $3,707 million and $759 million of loans sold to IHAM or certain IHAM Vehicles during the years ended December 31, 2025 and 2024, respectively. Net realized losses of approximately $0 million and $1 million were recorded on these transactions with IHAM during the years ended December 31, 2025 and 2024, respectively. See Note 4 to our consolidated financial statements for the year ended December 31, 2025 for more information on IHAM and the IHAM Vehicles. 87
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The net realized gains on investments during the year ended December 31, 2025 consisted of the following: (in millions)Portfolio Company Net Realized Gains(Losses) Potomac Intermediate Holdings II LLC $ 262 SageSure Holdings, LLC and SageSure LLC 68 Redwood Services, LLC and Redwood Services Holdco, LLC 59 Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC 39 Corient Holdings, Inc. 21 FS Squared Holding Corp. and FS Squared, LLC 19 Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc. 15 Align Precision Group, LLC and Align Precision Topco, L.P. (15) North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC (17) Aimbridge Acquisition Co., Inc. (19) H-Food Holdings, LLC and Matterhorn Parent, LLC (20) SVP-Singer Holdings Inc. and SVP-Singer Holdings LP (22) Florida Food Products, LLC (23) Visual Edge Technology, Inc. (37) Production Resource Group, L.L.C. and PRG III, LLC (43) Implus Footcare, LLC, Implus Holdings, LLC, and Implus Topco, LLC (49) Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC (56) Vobev, LLC and Vobev Holdings, LLC (63) Senior Direct Lending Program, LLC (112) Other, net 94 Total $ 101 During the year ended December 31, 2025, we also recognized net realized losses on foreign currency and other transactions of $6 million. The net realized losses on investments during the year ended December 31, 2024 consisted of the following: (in millions)Portfolio Company Net Realized Gains(Losses) Heelstone Renewable Energy, LLC $ 146 Benecon Midco II LLC 23 Precinmac (US) Holdings Inc., Trimaster Manufacturing Inc. and Blade Group Holdings, LP. 22 Pegasus Global Enterprise Holdings, LLC 20 RF HP SCF Investor, LLC 19 Murchison Oil and Gas, LLC and Murchison Holdings, LLC 16 Wellpath Holdings, Inc. (19) SVP-Singer Holdings Inc. and SVP-Singer Holdings LP (19) OTG Management, LLC (20) SSE Buyer, Inc. (21) Emergency Communications Network, LLC (22) Pluralsight, Inc. (60) H-Food Holdings, LLC (62) SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc. (119) Other, net 36 Total $ (60) 88
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During the year ended December 31, 2024, we also recognized net realized gains on foreign currency and other transactions of $5 million. During the year ended December 31, 2024, we repaid in full the $403 million in aggregate principal amount of our unsecured convertible notes, which bore interest at a rate of 4.625% per year, upon their maturity in March 2024 with a combination of cash and shares of our common stock, resulting in a realized loss on extinguishment of debt of approximately $14 million. Net Unrealized Gains/Losses We value our portfolio investments at least quarterly and the changes in value are recorded as unrealized gains or losses in our consolidated statement of operations. Net unrealized gains and losses on investments, including the net change in deferred tax liabilities, for the years ended December 31, 2025 and 2024, were comprised of the following: For the Years Ended December 31, (in millions) 2025 2024 Unrealized appreciation $ 585 $ 793 Unrealized depreciation (648) (657) Net unrealized (appreciation) depreciation reversed related to net realized gains or losses(1) 8 2 Total net unrealized gains (losses) on investments $ (55) $ 138 _______________________________________________________________________________ (1) The net unrealized (appreciation) depreciation reversed related to net realized gains or losses represents the unrealized appreciation or depreciation recorded on the related asset at the end of the prior periods. The changes in net unrealized appreciation and depreciation on investments during the year ended December 31, 2025 consisted of the following: (in millions)Portfolio Company Net UnrealizedAppreciation(Depreciation) Global Medical Response, Inc. and GMR Buyer Corp. $ 37 Storm Investment S.a.r.l. 35 Imaging Business Machines, L.L.C. and Scanner Holdings Corporation 31 FEH Group, LLC. 25 Neptune Bidco US Inc. 22 Senior Direct Lending Program, LLC 20 CoreLogic, Inc. and T-VIII Celestial Co-Invest LP 20 SageSure Holdings, LLC 18 Teasdale Foods, Inc. and Familia Group Holdings Inc. (15) Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. (16) Pluralsight, Inc. (17) EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P. (19) Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. (24) Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC (24) Absolute Dental Group LLC and Absolute Dental Equity, LLC (27) Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited (46) VPROP Operating, LLC and V SandCo, LLC (48) Other, net (35) Total $ (63) During the year ended December 31, 2025, we also recognized net unrealized losses on foreign currency and other transactions of $41 million. 89
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The changes in net unrealized appreciation and depreciation on investments during the year ended December 31, 2024 consisted of the following: (in millions)Portfolio Company Net UnrealizedAppreciation(Depreciation) Potomac Intermediate Holdings II LLC $ 221 Global Medical Response, Inc. and GMR Buyer Corp. 39 Apex Clean Energy TopCo, LLC 31 SageSure Holdings, LLC 31 Cloud Software Group, Inc. 26 Centric Brands LLC 18 Corient Holdings, Inc. 17 High Street Buyer, Inc. and High Street Holdco LLC 17 Bragg Live Food Products, LLC 16 PS Operating Company LLC (15) Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. (15) Storm Investment S.a.r.l. (17) Aimbridge Acquisition Co., Inc. (17) ADG, LLC (20) Cornerstone OnDemand, Inc. (24) North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P. (25) VPROP Operating, LLC and V SandCo, LLC (29) Production Resource Group, L.L.C. (40) Senior Direct Lending Program, LLC (43) Vobev, LLC and Vobev Holdings, LLC (49) Other, net 14 Total $ 136 During the year ended December 31, 2024, we also recognized net unrealized gains on foreign currency and other transactions of $50 million. For the years ended December 31, 2024 and 2023 The comparison of the fiscal years ended December 31, 2024 and 2023 can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 located within Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, which is incorporated herein by reference. 90
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FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES Our liquidity and capital resources are generated primarily from the net proceeds of public offerings of equity and debt securities, advances from our credit facilities (the Revolving Credit Facility, the Revolving Funding Facility, the SMBC Funding Facility and the BNP Funding Facility (each as defined below, and together, the “Credit Facilities”)), net proceeds from the issuance of other securities, including unsecured notes and debt securitizations, as well as cash flows from operations. In accordance with the Investment Company Act, we are allowed to borrow amounts such that our asset coverage, calculated pursuant to the Investment Company Act, is at least 150% after such borrowings (i.e., we are able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us). As of December 31, 2025, we had $638 million in cash and cash equivalents and $16.0 billion in total aggregate principal amount of outstanding debt ($16.0 billion at carrying value) and our asset coverage was 189%. Subject to borrowing base and other restrictions, we had approximately $5.5 billion available for additional borrowings under the Credit Facilities as of December 31, 2025. We may from time to time seek to retire or repurchase our common stock through cash purchases, as well as retire, cancel or purchase our outstanding debt through cash purchases and/or exchanges, in open market purchases, privately negotiated transactions or otherwise. The amounts involved may be material. In addition, we may from time to time enter into additional credit facilities, increase the size of existing facilities or issue additional debt securities, including secured debt, unsecured debt and/or debt securities convertible into common stock. Any such purchases or exchanges of common stock or outstanding debt, or incurrence or issuance of additional debt would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. Equity Capital Activities As of December 31, 2025 and 2024, our total equity market capitalization was $14.5 billion and $14.7 billion, respectively. We may from time to time issue and sell shares of our common stock through public or “at the market” offerings. During the year ended December 31, 2025, we issued and sold the following shares of common stock: (in millions, except per share amount)Issuances of Common Stock Number of SharesIssued Gross Proceeds UnderwritingFees/Offering Expenses Net Proceeds Average OfferingPrice Per Share(1) “At the market” offerings 42.4 $ 937.2 $ 9.7 $ 927.5 $ 22.11 Total 42.4 $ 937.2 $ 9.7 $ 927.5 ________________________________________ (1) Represents the gross offering price per share before deducting underwriting discounts and commissions and offering expenses. “At the Market” Offerings We are a party to equity distribution agreements with several banks (the “Equity Distribution Agreements”). The Equity Distribution Agreements provide that we may from time to time issue and sell, by means of “at the market” offerings, up to $1.5 billion of our common stock. Subject to the terms and conditions of the Equity Distribution Agreements, sales of common stock, if any, may be made in transactions that are deemed to be “at the market” offerings as defined in Rule 415(a)(4) under the Securities Act. Under the currently effective Equity Distribution Agreements, common stock with an aggregate offering amount of $563 million remained available for issuance as of December 31, 2025. Dividend Reinvestment Plan See Note 12 to our consolidated financial statements for the year ended December 31, 2025 for information regarding shares of common stock issued or purchased in accordance with our dividend reinvestment plan. Stock Repurchase Program We are authorized under our stock repurchase program to purchase up to $1.0 billion in the aggregate of our outstanding common stock in the open market at certain thresholds below our net asset value per share, in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing, 91
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manner, price and amount of any share repurchases will be determined by us, in our sole discretion, based upon an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. The stock repurchase program does not require us to repurchase any specific number of shares of common stock or any shares of common stock at all. Consequently, we cannot assure stockholders that any specific number of shares of common stock, if any, will be repurchased under the stock repurchase program. As of December 31, 2025, the expiration date of the stock repurchase program was February 15, 2026. The program may be suspended, extended, modified or discontinued at any time. As of December 31, 2025, there was $1.0 billion available for additional repurchases under the program. During the years ended December 31, 2025 and 2024, we did not repurchase any shares of our common stock in the open market under the stock repurchase program. See “Recent Developments,” as well as Note 16 to our consolidated financial statements for the year ended December 31, 2025 for a subsequent event relating to our stock repurchase program. Debt Capital Activities Our debt obligations consisted of the following as of December 31, 2025 and 2024: As of December 31, 2025 2024 (in millions) TotalAggregatePrincipalAmountAvailable/Outstanding(1) PrincipalAmountOutstanding CarryingValue TotalAggregatePrincipalAmountAvailable/Outstanding(1) PrincipalAmountOutstanding CarryingValue Revolving Credit Facility $ 5,493 (2) $ 2,028 $ 2,031 $ 4,513 (2) $ 1,113 $ 1,113 Revolving FundingFacility 2,250 1,234 1,234 2,150 1,065 1,065 SMBC Funding Facility 1,100 (3) 563 563 800 (3) 502 502 BNP Funding Facility 1,265 717 717 1,265 889 889 April 2036 CLO Notes(4) 476 476 473 (5) 476 476 473 (5) October 2036 CLOSecured Loans(4) 544 544 541 (5) 544 544 541 (5) January 2038 CLO Notes(4) 700 700 697 (5) — — — March 2025 Notes — — — (5) 600 600 600 (5) July 2025 Notes — — — (5) 1,250 1,250 1,252 (5) January 2026 Notes 1,150 1,150 1,150 (5) 1,150 1,150 1,148 (5) July 2026 Notes 1,000 1,000 999 (5) 1,000 1,000 996 (5) January 2027 Notes 900 900 900 (5)(6) 900 900 891 (5)(6) June 2027 Notes 500 500 498 (5) 500 500 497 (5) June 2028 Notes 1,250 1,250 1,248 (5) 1,250 1,250 1,248 (5) March 2029 Notes 1,000 1,000 999 (5)(6) 1,000 1,000 985 (5)(6) July 2029 Notes 850 850 861 (5)(6) 850 850 835 (5)(6) September 2030 Notes 750 750 743 (5)(6) — — — January 2031 Notes 650 650 634 (5)(6) — — — November 2031 Notes 700 700 693 (5) 700 700 692 (5) March 2032 Notes 1,000 1,000 1,010 (5)(6) — — — Total $ 21,578 $ 16,012 $ 15,991 $ 18,948 $ 13,789 $ 13,727 ________________________________________ 92
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(1) Represents the total aggregate amount committed or outstanding, as applicable, under such instrument. Borrowings under the Credit Facilities are subject to borrowing base and other restrictions. (2) Provides for an “accordion” feature that allows us, under certain circumstances, to increase the size of the Revolving Credit Facility to a maximum of $7.9 billion and $6.7 billion as of December 31, 2025 and 2024, respectively. (3) Provides for an “accordion” feature that allows ACJB (as defined below), under certain circumstances, to increase the size of the SMBC Funding Facility to a maximum of $1.3 billion and $1.0 billion as of December 31, 2025 and 2024, respectively. (4) Excludes the April 2036 CLO Subordinated Notes, the October 2036 CLO Subordinated Notes and the January 2038 CLO Subordinated Notes (each as defined below), which were retained by us and, as such, eliminated in consolidation. (5) Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted/amortized discount or premium recorded upon issuance. In March 2025 and July 2025, we repaid in full the March 2025 Notes and the July 2025 Notes (each as defined below), respectively, upon their maturity. See “Recent Developments,” as well as Note 16 to our consolidated financial statements for the year ended December 31, 2025 for subsequent events relating to the January 2026 Notes and an additional issuance of unsecured notes. (6) The carrying value of the January 2027 Notes, the March 2029 Notes, the July 2029 Notes, the September 2030 Notes, the January 2031 Notes and the March 2032 Notes (each as defined below) includes adjustments as a result of effective hedge accounting relationships. See Note 6 to our consolidated financial statements for the year ended December 31, 2025 for more information on the interest rate swaps related to these unsecured notes issuances. The weighted average stated interest rate and weighted average maturity, both on aggregate principal amount outstanding, of all our outstanding debt as of December 31, 2025 were 4.9% and 4.2 years, respectively, and as of December 31, 2024 were 4.9% and 3.8 years, respectively. The weighted average stated interest rate of all our outstanding debt as of December 31, 2025 and 2024 includes the impact of interest rate swaps. See Note 6 to our consolidated financial statements for the year ended December 31, 2025 for more information on the interest rate swaps. The ratio of total principal amount of outstanding debt to stockholders’ equity as of December 31, 2025 was 1.12:1.00 compared to 1.03:1.00 as of December 31, 2024. Revolving Credit Facility We are party to a senior secured revolving credit facility (as amended and restated, the “Revolving Credit Facility”), that allows us to borrow up to approximately $5.5 billion at any one time outstanding. The Revolving Credit Facility consists of an approximately $4.4 billion revolving tranche and an approximately $1.1 billion term loan tranche. As of December 31, 2025, the end of the revolving periods and the stated maturity dates of the various revolving and term loan tranches of the Revolving Credit Facility were as follows: (in millions) Total Aggregate Principal AmountCommitted End of Revolving Period Maturity Date Revolving tranche $ 4,058 April 15, 2029 April 15, 2030 246 March 31, 2026 March 31, 2027 45 April 12, 2028 April 12, 2029 4,349 Term loan tranche 1,035 April 15, 2030 45 April 12, 2029 40 April 19, 2028 24 March 31, 2027 1,144 $ 5,493 The Revolving Credit Facility also provides for an “accordion” feature that allows us, under certain circumstances, to increase the overall size of the Revolving Credit Facility to a maximum of approximately $7.9 billion. 93
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Subject to certain exceptions, the interest rate charged on the Revolving Credit Facility is based on SOFR plus a credit spread adjustment of 0.10% (or an alternate rate of interest for certain loans, commitments and/or other extensions of credit denominated in certain approved foreign currencies plus a spread adjustment, if applicable) plus an applicable spread of either 1.525%, 1.650%, 1.775% or an “alternate base rate” (as defined in the documents governing the Revolving Credit Facility) plus an applicable spread of either 0.525%, 0.650% or 0.775%, in each case, determined monthly based on the total amount of the borrowing base relative to the sum of (i) the greater of (a) the aggregate amount of revolving credit exposure and term loans outstanding under the Revolving Credit Facility and (b) 85% of the total commitments of the Revolving Credit Facility (or, if higher, the total revolving credit exposure) plus (ii) other debt, if any, secured by the same collateral as the Revolving Credit Facility. As of December 31, 2025, the applicable weighted average spread in effect was 1.53%. Subject to certain exceptions, we are required to pay a commitment fee of 0.325% per annum on any unused portion of the Revolving Credit Facility. We are also required to pay letter of credit fees of 1.775%, 1.900% or 2.025% per annum on letters of credit issued, determined monthly based on the total amount of the borrowing base relative to the total commitments of the Revolving Credit Facility and other debt, if any, secured by the same collateral as the Revolving Credit Facility. As of December 31, 2025, there was $2.0 billion outstanding under the Revolving Credit Facility and we were in compliance in all material respects with the terms of the Revolving Credit Facility. Revolving Funding Facility We and our consolidated subsidiary, Ares Capital CP Funding LLC (“Ares Capital CP”), are party to a revolving funding facility (as amended, the “Revolving Funding Facility”), that allows Ares Capital CP to borrow up to $2.3 billion at any one time outstanding. The Revolving Funding Facility is secured by all of the assets held by, and our membership interest in, Ares Capital CP. The end of the reinvestment period and the stated maturity date for the Revolving Funding Facility are July 28, 2028 and July 28, 2030, respectively. The interest rate charged on the Revolving Funding Facility is based on SOFR or a “base rate” (as defined in the documents governing the Revolving Funding Facility) plus an applicable spread of 1.80% per annum. Ares Capital CP is also required to pay a commitment fee of between 0.50% and 1.25% per annum depending on the size of the unused portion of the Revolving Funding Facility. As of December 31, 2025, there was $1.2 billion outstanding under the Revolving Funding Facility and we and Ares Capital CP were in compliance in all material respects with the terms of the Revolving Funding Facility. SMBC Funding Facility We and our consolidated subsidiary, Ares Capital JB Funding LLC (“ACJB”), are party to a revolving funding facility (as amended, the “SMBC Funding Facility”), with ACJB, as the borrower, and Sumitomo Mitsui Banking Corporation, as the administrative agent and collateral agent, that allows ACJB to borrow up to $1.1 billion at any one time outstanding. The SMBC Funding Facility also provides for an “accordion” feature that allows ACJB, under certain circumstances, to increase the overall size of the SMBC Funding Facility to $1.3 billion. The SMBC Funding Facility is secured by all of the assets held by ACJB. The end of the reinvestment period and the stated maturity date for the SMBC Funding Facility are July 25, 2028 and July 25, 2030, respectively. The reinvestment period and the stated maturity date are both subject to two one-year extensions by mutual agreement. The interest rate charged on the SMBC Funding Facility is based on an applicable spread of either (i) 1.80% over SOFR or (ii) 0.80% over a “base rate” (as defined in the documents governing the SMBC Funding Facility). ACJB is also required to pay a commitment fee of between 0.50% and 1.00% per annum depending on the size of the unused portion of the SMBC Funding Facility. As of December 31, 2025, there was $563 million outstanding under the SMBC Funding Facility and we and ACJB were in compliance in all material respects with the terms of the SMBC Funding Facility. BNP Funding Facility We and our consolidated subsidiary, ARCC FB Funding LLC (“AFB”), are party to a revolving funding facility (as amended, the “BNP Funding Facility”) with AFB, as the borrower, and BNP Paribas, as the administrative agent and lender, that allows AFB to borrow up to approximately $1.3 billion at any one time outstanding. The BNP Funding Facility is secured by all of the assets held by AFB. The end of the reinvestment period and the stated maturity date for the BNP Funding Facility are March 20, 2028 and March 20, 2030, respectively. The interest rate charged on the BNP Funding Facility is based on applicable SOFR, or a “base rate” (as defined in the documents governing the BNP Funding Facility) plus a margin of (i) 1.90% during the reinvestment period and (ii) 2.40% following the reinvestment period. As of December 31, 2025, the applicable spread in effect was 1.90%. AFB is required to pay a commitment fee of between 0.00% and 1.25% per annum depending on the size of the unused portion of the BNP Funding Facility. As of December 31, 2025, there was $717 million outstanding under the BNP Funding Facility and we and AFB were in compliance in all material respects with the terms of the BNP Funding Facility. Debt Securitizations 94
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ADL CLO 1 Debt Securitization In May 2024, our wholly owned consolidated subsidiary, Ares Direct Lending CLO 1 LLC (“ADL CLO 1”), completed a $702 million term debt securitization (the “ADL CLO 1 Debt Securitization”). The ADL CLO 1 Debt Securitization is also known as a collateralized loan obligation and is an on-balance sheet financing incurred by ADL CLO 1, which is consolidated by us for financial reporting purposes and subject to our overall asset coverage requirement. The notes offered in the ADL CLO 1 Debt Securitization that mature on April 25, 2036 (collectively, the “April 2036 CLO Notes”) were issued by ADL CLO 1 pursuant to the indenture governing the April 2036 CLO Notes and include (i) $406 million of Class A Senior Notes (the “April 2036 Class A CLO Notes”); (ii) $70 million of Class B Senior Notes (the “April 2036 Class B CLO Notes” and, together with the April 2036 Class A CLO Notes, the “April 2036 CLO Secured Notes”); and (iii) approximately $226 million of subordinated notes (the “April 2036 CLO Subordinated Notes”). We retained all of the April 2036 CLO Subordinated Notes, as such, the April 2036 CLO Subordinated Notes are eliminated in consolidation. The following table presents information on the April 2036 CLO Notes as of December 31, 2025 (dollar amounts in millions): Class Type PrincipalOutstanding Maturity Date Interest Rate April 2036 Class A CLO Notes Senior Secured Floating Rate $ 406 April 25, 2036 SOFR+1.80% April 2036 Class B CLO Notes Senior Secured Floating Rate 70 April 25, 2036 SOFR+2.20% Total April 2036 CLO Secured Notes 476 April 2036 CLO Subordinated Notes Subordinated 226 April 25, 2036 None Total April 2036 CLO Notes $ 702 The April 2036 CLO Secured Notes are the secured obligations of ADL CLO 1 and are backed by a diversified portfolio of first lien senior secured loans contributed by us to ADL CLO 1 pursuant to the terms of a contribution agreement. The interest rate charged on the April 2036 CLO Secured Notes is based on SOFR plus a blended weighted average spread of 1.86%. Our investment adviser serves as asset manager to ADL CLO 1 under an asset management agreement and is entitled to receive certain management fees for providing these services under the agreement. Our investment adviser has agreed to waive any management fees from ADL CLO 1. ADL CLO 4 Debt Securitization In November 2024, our wholly owned consolidated subsidiary, Ares Direct Lending CLO 4 LLC (“ADL CLO 4”), completed a $804 million term debt securitization (the “ADL CLO 4 Debt Securitization”). The ADL CLO 4 Debt Securitization is also known as a collateralized loan obligation and is an on-balance sheet financing incurred by ADL CLO 4, which is consolidated by us for financial reporting purposes and subject to our overall asset coverage requirement. The loans incurred by ADL CLO 4 in the ADL CLO 4 Debt Securitization that mature on October 24, 2036 (collectively, the “October 2036 CLO Secured Loans”) include (i) $464 million of Class A Senior Loans (the “October 2036 Class A CLO Loans”), and (ii) $80 million of Class B Senior Loans (the “October 2036 Class B CLO Loans”). The October 2036 CLO Secured Loans may be converted by the lender into notes issued by ADL CLO 4 and bearing the same economic terms, subject to certain conditions under the documents governing the October 2036 CLO Secured Loans and the indenture governing such loans. In addition, in connection with the ADL CLO 4 Debt Securitization, ADL CLO 4 issued approximately $260 million of subordinated notes (the “October 2036 CLO Subordinated Notes”). We retained all of the October 2036 CLO Subordinated Notes, as such, the October 2036 CLO Subordinated Notes are eliminated in consolidation. The following table presents information on the October 2036 CLO Notes as of December 31, 2025 (dollar amounts in millions): Class Type PrincipalOutstanding Maturity Date Interest Rate October 2036 Class A CLO Loans Senior Secured Floating Rate $ 464 October 24, 2036 SOFR+1.54% October 2036 Class B CLO Loans Senior Secured Floating Rate 80 October 24, 2036 SOFR+1.83% Total October 2036 CLO Secured Loans 544 October 2036 CLO Subordinated Notes Subordinated 260 October 24, 2036 None Total October 2036 CLO Notes $ 804 95
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The October 2036 CLO Secured Loans are the secured obligations of ADL CLO 4 and are backed by a diversified portfolio of first lien senior secured loans contributed by us to ADL CLO 4 pursuant to the terms of a contribution agreement. The interest rate charged on the October 2036 CLO Secured Loans is based on SOFR plus a blended weighted average spread of 1.58%. Our investment adviser serves as asset manager to ADL CLO 4 under an asset management agreement and is entitled to receive certain management fees for providing these services under the agreement. Our investment adviser has agreed to waive any management fees from ADL CLO 4. ADL CLO 7 Debt Securitization In December 2025, our wholly owned consolidated subsidiary, Ares Direct Lending CLO 7 LLC (“ADL CLO 7”), completed a $1.0 billion term debt securitization (the “ADL CLO 7 Debt Securitization”). The ADL CLO 7 Debt Securitization is also known as a collateralized loan obligation and is an on-balance sheet financing incurred by ADL CLO 7, which is consolidated by us for financial reporting purposes and subject to our overall asset coverage requirement. The notes offered in the ADL CLO 7 Debt Securitization that mature on January 2038 (collectively, the “January 2038 CLO Notes”) were issued by ADL CLO 7 pursuant to the indenture governing the January 2038 CLO Notes and include (i) $570 million of Class A-1 Senior Notes (the “January 2038 Class A-1 CLO Notes”); (ii) $50 million of Class A-2 Senior Notes (the “January 2038 Class A-2 CLO Notes”); (iii) $80 million of Class B Senior Notes (the “January 2038 Class B CLO Notes” and, together with the January 2038 Class A-1 CLO Notes and January 2038 Class A-2 CLO Notes, the “January 2038 CLO Secured Notes”); and (iv) approximately $303 million of subordinated notes (the “January 2038 CLO Subordinated Notes”). We retained all of the January 2038 CLO Subordinated Notes, as such, the January 2038 CLO Subordinated Notes are eliminated in consolidation. The following table presents information on the January 2038 CLO Notes as of December 31, 2025 (dollar amounts in millions): Class Type PrincipalOutstanding Maturity Date Interest Rate January 2038 Class A-1 CLO Notes Senior Secured Floating Rate $ 570 January 20, 2038 SOFR+1.40% January 2038 Class A-2 CLO Notes Senior Secured Floating Rate 50 January 20, 2038 SOFR+1.65% January 2038 Class B CLO Notes Senior Secured Floating Rate 80 January 20, 2038 SOFR+1.85% Total January 2038 CLO Secured Notes 700 January 2038 CLO Subordinated Notes Subordinated 303 January 20, 2038 None Total January 2038 CLO Notes $ 1,003 The January 2038 CLO Secured Notes are the secured obligations of ADL CLO 7 and are backed by a diversified portfolio of first lien senior secured loans contributed by us to ADL CLO 7 pursuant to the terms of a contribution agreement. The interest rate charged on the January 2038 CLO Secured Notes is based on SOFR plus a blended weighted average spread of 1.47%. Our investment adviser serves as asset manager to ADL CLO 7 under an asset management agreement and is entitled to receive certain management fees for providing these services under the agreement. Our investment adviser has agreed to waive any management fees from ADL CLO 7. Unsecured Notes We issued certain unsecured notes (we refer to each series of unsecured notes using the defined term set forth under the “Unsecured Notes” column of the table below and collectively refer to all such series as the “Unsecured Notes”), that pay interest semi-annually and all principal amounts are due upon maturity. Each of the Unsecured Notes may be redeemed in whole or in part at any time at our option at a redemption price equal to par plus a “make whole” premium, if applicable, as determined pursuant to the indentures governing each of the Unsecured Notes, plus any accrued and unpaid interest. Certain key terms related to the features for the Unsecured Notes as of December 31, 2025 are listed below. 96
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(dollar amounts in millions)Unsecured Notes Aggregate PrincipalAmount Issued Effective Stated InterestRate Original Issuance Date Maturity Date January 2026 Notes $ 1,150 3.875% July 15, 2020 January 15, 2026 July 2026 Notes $ 1,000 2.150% January 13, 2021 July 15, 2026 January 2027 Notes(1) $ 900 6.331% August 3, 2023 January 15, 2027 June 2027 Notes $ 500 2.875% January 13, 2022 June 15, 2027 June 2028 Notes $ 1,250 2.875% June 10, 2021 June 15, 2028 March 2029 Notes(1) $ 1,000 5.895% January 23, 2024 March 1, 2029 July 2029 Notes(1) $ 850 5.393% May 13, 2024 July 15, 2029 September 2030 Notes(1) $ 750 5.643% June 3, 2025 September 1, 2030 January 2031 Notes $ 650 5.100% September 9, 2025 January 15, 2031 November 2031 Notes $ 700 3.200% November 4, 2021 November 15, 2031 March 2032 Notes $ 1,000 5.800% January 8, 2025 March 8, 2032 ________________________________________ (1) The effective stated interest rates of the January 2027 Notes, the March 2029 Notes, the July 2029 Notes and the September 2030 Notes include the impact of interest rate swaps. In March 2025, we repaid in full the $600 million in aggregate principal amount outstanding of unsecured notes (the “March 2025 Notes”) upon their maturity. The March 2025 Notes bore interest at a rate of 4.250% per annum. In July 2025, we repaid in full the $1,250 million in aggregate principal amount outstanding of unsecured notes (the “July 2025 Notes”) upon their maturity. The July 2025 Notes bore interest at a rate of 3.250% per annum. See “Recent Developments,” as well as Note 16 to our consolidated financial statements for the year ended December 31, 2025 for subsequent events relating to the January 2026 Notes and an additional issuance of unsecured notes. In connection with certain of the unsecured notes issued by us, we have entered into interest rate swaps to more closely align the interest rates of such liabilities with our investment portfolio, which consists primarily of floating rate loans. We designated these interest rate swaps and the associated unsecured notes as qualifying fair value hedge accounting relationships. Under the interest rate swaps, we receive a fixed interest rate and pay a floating interest rate of one-month SOFR plus an applicable spread, as disclosed below. Certain information related to our interest rate swaps as of December 31, 2025 is presented below. (dollar amounts in millions)Description Hedged Item Company Receives Company Pays Maturity Date Notional Amount Interest rate swap January 2027 Notes 7.000 % SOFR +2.5810% January 15, 2027 $ 900 Interest rate swap March 2029 Notes 5.875 % SOFR +2.0230% March 1, 2029 $ 1,000 Interest rate swap July 2029 Notes 5.950 % SOFR +1.6430% July 15, 2029 $ 850 Interest rate swap September 2030 Notes 5.500 % SOFR +1.7705% September 1, 2030 $ 750 Interest rate swap(1) January 2031 Notes 5.100 % SOFR +1.7270% January 15, 2031 $ 650 Interest rate swap(1) March 2032 Notes 5.800 % SOFR +1.6995% March 8, 2032 $ 1,000 ________________________________________ (1) In connection with the issuances of the January 2031 Notes and the March 2032 Notes, we entered into forward-starting interest rate swaps with an effective date of July 15, 2026 and January 8, 2026, respectively. See Note 6 to our consolidated financial statements for the year ended December 31, 2025 for more information on our interest rate swaps. See “Recent Developments,” as well as Note 16 to our consolidated financial statements for the year ended December 31, 2025 for subsequent events relating to an additional interest rate swap in connection with an additional issuance of unsecured notes. 97
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As of December 31, 2025, we were in compliance in all material respects with the indentures governing the Unsecured Notes. The Unsecured Notes are our senior unsecured obligations and rank senior in right of payment to any future indebtedness that is expressly subordinated in right of payment to the Unsecured Notes; equal in right of payment to our existing and future unsecured indebtedness that is not expressly subordinated; effectively junior in right of payment to any of our secured indebtedness (including existing unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities. RECENT DEVELOPMENTS In January 2026, we issued $750 million in aggregate principal amount of unsecured notes, which bear interest at a rate of 5.250% per annum and mature on April 12, 2031 (the “April 2031 Notes”). The April 2031 Notes pay interest semi-annually and all principal is due upon maturity. The April 2031 Notes may be redeemed in whole or in part at any time at our option at a redemption price equal to par plus a “make whole” premium, if applicable, as determined pursuant to the indenture governing the April 2031 Notes, and any accrued and unpaid interest. The April 2031 Notes were issued at a discount to the principal amount. In connection with the April 2031 Notes, we entered into an interest rate swap for a total notional amount of $750 million that matures on April 12, 2031. Under the interest rate swap, we will receive a fixed interest rate of 5.250% and pay a floating interest rate of one-month SOFR plus 1.7217%. In January 2026, we repaid in full the January 2026 Notes upon their maturity, which bore interest at a rate of 3.875% per annum. In February 2026, our board of directors authorized an amendment to our existing stock repurchase program to extend the expiration date of the program from February 15, 2026 to February 15, 2027. Under the program, we may repurchase up to $1.0 billion in the aggregate of our outstanding common stock in the open market at a price per share that meets certain thresholds below our net asset value per share, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act. The timing, manner, price and amount of any share repurchases will be determined by us, in our discretion, based upon the evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. From January 1, 2026 through January 29, 2026, we made new investment commitments of approximately $1.4 billion, of which approximately $966 million were funded. Of the approximately $1.4 billion in new investment commitments, 90% were in first lien senior secured loans, 5% were in Ares Capital’s subordinated loan to IHAM, 3% were in preferred equity and 2% were in other equity. Of the approximately $1.4 billion in new investment commitments, 94% were floating rate, 2% were fixed rate and 4% were non-income producing. The weighted average yield of debt and other income producing securities funded during the period at amortized cost was 9.0% and the weighted average yield on total investments funded during the period at amortized cost was 8.5%. We may seek to sell all or a portion of these new investment commitments, although there can be no assurance that we will be able to do so. From January 1, 2026 through January 29, 2026, we exited approximately $709 million of investment commitments. Of the approximately $709 million of exited investment commitments, 89% were first lien senior secured loans, 9% were second lien senior secured loans, 1% were subordinated certificates of the SDLP and 1% were other equity. Of the approximately $709 million of exited investment commitments, 97% were floating rate, 2% were fixed rate and 1% were non-income producing. The weighted average yield of debt and other income producing securities exited or repaid during the period at amortized cost was 10.1% and the weighted average yield on total investments exited or repaid during the period at amortized cost was 10.0%. Of the approximately $709 million of investment commitments exited from January 1, 2026 through January 29, 2026, we recognized total net realized gains of approximately $16 million. In addition, as of January 29, 2026, we had an investment backlog of approximately $2.2 billion. Investment backlog includes transactions approved by our investment adviser’s U.S. direct lending investment committee and/or for which a formal mandate, letter of intent or a signed commitment have been issued, and therefore we believe are likely to close. The consummation of any of the investments in this backlog depends upon, among other things, one or more of the following: our acceptance of the terms and structure of such investment and the execution and delivery of satisfactory transaction documentation. In addition, we may sell all or a portion of these investments and certain of these investments may result in the repayment of existing investments. We cannot assure you that we will make any of these investments or that we will sell all or any portion of these investments. 98
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CRITICAL ACCOUNTING ESTIMATES The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting estimates, including those relating to the valuation of our investment portfolio, are described below. The critical accounting estimates should be read in conjunction with our risk factors as disclosed in “Item 1A. Risk Factors.” See Note 2 to our consolidated financial statements for the year ended December 31, 2025 for more information on our critical accounting policies. Investments Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized. Pursuant to Rule 2a-5 under the Investment Company Act, our board of directors designated our investment adviser as our valuation designee (the “Valuation Designee”) to perform the fair value determinations for investments held by us without readily available market quotations, subject to the oversight of our board of directors. All investments are recorded at their fair value. Investments for which market quotations are readily available are typically valued at such market quotations. In order to validate market quotations, the Valuation Designee looks at a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available (i.e., substantially all of our investments) are valued at least quarterly at fair value as determined in good faith by the Valuation Designee, subject to the oversight of our board of directors, based on, among other things, the input of our independent third ‑ party valuation providers (“IVPs”) that have been engaged to support the valuation of such portfolio investments quarterly, beginning as of the third quarter after origination (with certain de minimis exceptions) and under a valuation policy and a consistently applied valuation process. The valuation process is conducted at the end of each fiscal quarter by the Valuation Designee, and beginning with the first quarter of 2025, substantially all investments in our investment portfolio at fair value are subject to review by an IVP each quarter, as discussed further below. However, we may use these IVPs to review the value of our investments more frequently, including in connection with the occurrence of significant events or changes in value affecting a particular investment. In addition, our independent registered public accounting firm obtains an understanding of, and performs select procedures relating to, our valuation process within the context of performing our integrated audit. As part of the valuation process, the Valuation Designee may take into account the following types of factors, if relevant, in determining the fair value of our investments: the enterprise value of a portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, changes in the interest rate environment and the credit markets, which may affect the price at which similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Valuation Designee considers the pricing indicated by the external event to corroborate the valuation. Because there is not a readily available market value for most of the investments in our portfolio, substantially all of our portfolio investments are valued at fair value as determined in good faith by the Valuation Designee, as described herein. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. 99
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The Valuation Designee, subject to the oversight of our board of directors, undertakes a multi ‑ step valuation process each quarter, as described below: • Our quarterly valuation process begins with a preliminary valuation being prepared by the investment professionals responsible for the portfolio investment in conjunction with our portfolio management and valuation team. • Preliminary valuations are reviewed and discussed by the valuation committee of the Valuation Designee. • When a portfolio investment is reviewed by an IVP: ◦ Relevant information related to the portfolio investment is made available by the Valuation Designee to the IVP, who does not independently verify such information. ◦ The IVP reviews and analyzes the information provided by the Valuation Designee, along with relevant market and economic data, and independently determines a range of values for the portfolio investment. ◦ The IVP provides its analysis to the Valuation Designee to support the IVP’s valuation methodology and calculations. • The valuation committee of the Valuation Designee determines the fair value of each investment in our portfolio without a readily available market quotation in good faith based on, among other things, the input of the IVPs, where applicable. • When a portfolio investment is reviewed by an IVP, a positive assurance opinion or independent valuation report is issued by the IVP that confirms the fair value determined by the Valuation Designee for the portfolio investment is within the range of values independently calculated by such IVP. Fair Value of Financial Instruments We follow ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASC 825-10”), which provides companies the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and a better understanding of the effect of the company’s choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the balance sheet. We have not elected the ASC 825-10 option to report selected financial assets and liabilities at fair value. With the exception of the line items entitled “other assets” and “debt,” which are reported at amortized cost, the carrying value of all other assets and liabilities approximate fair value. We also follow ASC 820-10, which expands the application of fair value accounting. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires us to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, we have considered its principal market as the market in which we exit our portfolio investments with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below: • Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access. • Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. 100
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In addition to using the above inputs in investment valuations, the Valuation Designee continues to employ its net asset valuation policy and procedures that have been reviewed by our board of directors in connection with their designation of our investment adviser as the valuation designee and are consistent with the provisions of Rule 2a-5 under the Investment Company Act and ASC 820-10. Consistent with its valuation policy and procedures, the Valuation Designee evaluates the source of inputs, including any markets in which our investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. Because there is not a readily available market value for most of the investments in our portfolio, the fair value of the investments must typically be determined using unobservable inputs. Our portfolio investments (other than as described below in the following paragraph) are typically valued using two different valuation techniques. The first valuation technique is an analysis of the enterprise value (“EV”) of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The primary method for determining EV uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA (generally defined as net income before net interest expense, income tax expense, depreciation and amortization). EBITDA multiples are typically determined based upon review of market comparable transactions and publicly traded comparable companies, if any. The Valuation Designee may also employ other valuation multiples to determine EV, such as revenues or, in the case of certain portfolio companies in the power generation industry, kilowatt capacity. The second method for determining EV uses a discounted cash flow analysis whereby future expected cash flows of the portfolio company are discounted to determine a present value using estimated discount rates (typically a weighted average cost of capital based on costs of debt and equity consistent with current market conditions). The EV analysis is performed to determine the value of equity investments, the value of debt investments in portfolio companies where we have control or could gain control through an option or warrant security, and to determine if there is credit impairment for debt investments. If debt investments are credit impaired, an EV analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind-down analysis may be utilized to estimate EV. The second valuation technique is a yield analysis, which is typically performed for non-credit impaired debt investments in portfolio companies where we do not own a controlling equity position. To determine fair value using a yield analysis, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk. In the yield analysis, the Valuation Designee considers the current contractual interest rate, the maturity and other terms of the investment relative to the risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by us are substantially illiquid with no active transaction market, the Valuation Designee depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable. For other portfolio investments such as investments in the SDLP Certificates and IHAM, discounted cash flow analysis is the primary technique utilized to determine fair value. Expected future cash flows associated with the investment are discounted to determine a present value using a discount rate that reflects estimated market return requirements. See Note 8 to our consolidated financial statements for the year ended December 31, 2025 for more information on our valuation process. Item 7A. Quantitative and Qualitative Disclosures About Market Risk We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio. Uncertainty with respect to the imposition of tariffs on and trade disputes with certain countries, the fluctuations in global interest rates, the ongoing war between Russia and Ukraine, the conflicts in the Middle East, recent U.S. military action in Venezuela and concerns over future increases in inflation or adverse investor sentiment generally, introduced significant volatility in the financial markets, and the effects of this volatility has materially impacted and could continue to materially impact our market risks, including those listed below. For more information concerning these risks and their potential impact on our business and our operating results, see “Risk Factors—General Risk Factors—Difficult market and political conditions may adversely affect our businesses in many ways, including by reducing the value or hampering the performance of our investments or reducing our ability to raise or deploy capital, each of which could have a significant adverse effect on our business, financial condition and results of operations.”, “Risk Factors—Risks Relating to Our Investments—Economic recessions or downturns could impair our portfolio companies and harm our operating results” and “Risk Factors—Risks Relating to Our Business—Inflation has adversely affected and may continue to adversely affect the business, results of operations and financial condition of our portfolio companies”. 101
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Investment Valuation Risk Because there is not a readily available market value for most of the investments in our portfolio, substantially all of our portfolio investments are valued at fair value as determined in good faith by our investment adviser, as the valuation designee, subject to the oversight of our board of directors based on, among other things, the input of our IVP that have been engaged to support the valuation of each portfolio investment without a readily available market quotation quarterly, beginning as of the third quarter after origination (with certain de minimis exceptions). Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations— Critical Accounting Estimates” as well as Notes 2 and 8 to our consolidated financial statements for the year ended December 31, 2025 for more information relating to our investment valuation. Interest Rate Risk Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. See “Risk Factors—Risks Relating to Our Business—We are exposed to risks associated with changes in interest rates, including the current interest rate environment”. In a prolonged low interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net income as indicated per the table below. As of December 31, 2025, 72% of the investments at fair value in our portfolio bore interest and dividends at variable rates (including our investment in the SDLP Certificates which accounted for 4% of our total investments at fair value), 12% bore interest at fixed rates, 9% were non-income producing, 1% were on non-accrual status and 6% was our equity investment in IHAM which generally pays a quarterly dividend. Additionally, excluding our investment in the SDLP Certificates, 97% of the remaining variable rate investments at fair value contained interest rate floors. The Credit Facilities, the April 2036 CLO Notes, the October 2036 CLO Secured Loans and the January 2038 CLO Notes bear interest at variable rates with no interest rate floors. The Unsecured Notes bear interest at fixed rates, except that the January 2027 Notes, the March 2029 Notes, the July 2029 Notes and the September 2030 Notes have been swapped from a fixed rate to a floating rate through interest rate swaps. The January 2031 Notes and March 2032 Notes have been swapped from a fixed rate to a floating rate through forward starting interest rate swaps, with effective dates of July 15, 2026 and January 8, 2026, respectively. See Note 5 to our consolidated financial statements for the year ended December 31, 2025 for more information on our debt obligations. See Note 6 to our consolidated financial statements for the year ended December 31, 2025 for more information on the interest rate swaps. We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. Based on our December 31, 2025 balance sheet, the following table shows the annualized impact on net income of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure: 102
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(in millions)Basis Point Change Interest and DividendIncome InterestExpense(1) NetIncome(2) Up 300 basis points $ 638 $ 293 $ 345 Up 200 basis points $ 426 $ 195 $ 231 Up 100 basis points $ 213 $ 98 $ 115 Down 100 basis points $ (212) $ (98) $ (114) Down 200 basis points $ (418) $ (195) $ (223) Down 300 basis points $ (589) $ (293) $ (296) ________________________________________ (1) Includes the impact to interest expense related to the interest rate swaps related to the January 2027 Notes, the March 2029 Notes, the July 2029 Notes and the September 2030 Notes. (2) Excludes the impact of any income based fee. See Note 3 to our consolidated financial statements for the year ended December 31, 2025 for more information on the income based fee. Item 8. Financial Statements and Supplementary Data See the Index to Consolidated Financial Statements. Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure None. 103
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Item 9A. Controls and Procedures (a) Evaluation of Disclosure Controls and Procedures. We maintain disclosure controls and procedures (as that term is defined in Rules 13a ‑ 15(e) and 15d ‑ 15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2025. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial officer concluded that, as of December 31, 2025, the design and operation of our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level. (b) Management’s Annual Report on Internal Control over Financial Reporting. Our management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company. Internal control over financial reporting is a process to provide reasonable assurance regarding the reliability of our financial reporting for external purposes in accordance with accounting principles generally accepted in the United States of America. Internal control over financial reporting includes maintaining records that in reasonable detail accurately and fairly reflect our transactions; providing reasonable assurance that transactions are recorded as necessary for preparation of our consolidated financial statements; providing reasonable assurance that receipts and expenditures of company assets are made in accordance with management authorization; and providing reasonable assurance that unauthorized acquisition, use or disposition of company assets that could have a material effect on our consolidated financial statements would be prevented or detected on a timely basis. Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a material misstatement of our consolidated financial statements would be prevented or detected. Management conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that the Company's internal control over financial reporting was effective as of December 31, 2025. The Company's independent registered public accounting firm, KPMG LLP, has issued an audit report on the effectiveness of the Company's internal control over financial reporting. (c) Attestation Report of the Registered Public Accounting Firm. Our independent registered public accounting firm, KPMG LLP, has issued an attestation report on the effectiveness of our internal control over financial reporting which is set forth under the heading “Report of Independent Registered Public Accounting Firm” on page F-2. (d) Changes in Internal Control over Financial Reporting. There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended December 31, 2025, that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting. Item 9B. Other Information Rule 10b5-1 Trading Plans During the fiscal quarter ended December 31, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.” Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable. 104
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PART III Item 10. Directors, Executive Officers and Corporate Governance The information required by this item will be contained in the Company’s definitive Proxy Statement for its 2026 Annual Stockholder Meeting, to be filed with the SEC within 120 days after December 31, 2025, and is incorporated herein by reference. Item 11. Executive Compensation The information required by this item will be contained in the Company’s definitive Proxy Statement for its 2026 Annual Stockholder Meeting, to be filed with the SEC within 120 days after December 31, 2025, and is incorporated herein by reference. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The information required by this item will be contained in the Company’s definitive Proxy Statement for its 2026 Annual Stockholder Meeting, to be filed with the SEC within 120 days after December 31, 2025, and is incorporated herein by reference. Item 13. Certain Relationships and Related Transactions, and Director Independence The information required by this item will be contained in the Company’s definitive Proxy Statement for its 2026 Annual Stockholder Meeting, to be filed with the SEC within 120 days after December 31, 2025, and is incorporated herein by reference. Item 14. Principal Accountant Fees and Services The information required by this item will be contained in the Company’s definitive Proxy Statement for its 2026 Annual Stockholder Meeting, to be filed with the SEC within 120 days after December 31, 2025, and is incorporated herein by reference. 105
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PART IV Item 15. Exhibits, Financial Statement Schedules The following documents are filed as part of this Annual Report: 1. Financial Statements—See the Index to Consolidated Financial Statements on Page F-1. 2. Financial Statement Schedules—None. We have omitted financial statement schedules because they are not required or are not applicable, or the required information is shown in the financial statements or notes to the financial statements. 3. Exhibits. Exhibit Number Document 3.1 Articles of Amendment and Restatement, as amended (incorporated by reference to Exhibit 3.1 to the Company’s Form 10-Q (File No. 814-00663) for the quarter ended March 31, 2023, filed on April 25, 2023). 3.2 Third Amended and Restated Bylaws, as amended (incorporated by reference to Exhibit 3.2 to the Company’s Form 10-K (FileNo. 814-00663) for the year ended December 31, 2018, filed on February 12, 2019). 4.1 Form of Stock Certificate (incorporated by reference to Exhibit (d) to the Company’s pre effective Amendment No. 2 to theRegistration Statement under the Securities Act, on Form N-2 (File No. 333-114656), filed on September 28, 2004). 4.2 Form of Subscription Certificate (incorporated by reference to Exhibit (d)(4) to the Company’s pre effective Amendment No. 2to the Registration Statement under the Securities Act, on Form N-2 (File No. 333-149139), filed on April 9, 2008). 4.3 Indenture, dated as of October 21, 2010, between Ares Capital Corporation and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K (File No. 814 00663), filed on October 22, 2010). 4.4 Twelfth Supplemental Indenture, dated as of July 15, 2020, relating to the 3.875% Notes due 2026, between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K (File No. 814-00663), filed on July 15, 2020). 4.5 Form of 3.875% Notes due 2026 (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 814-00663), filed on July 15, 2020). 4.6 Fourteenth Supplemental Indenture, dated as of June 10, 2021, relating to the 2.875% Notes due 2028, between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K (File No. 814-00663), filed on June 10, 2021). 4.7 Form of 2.875% Notes due 2028 (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 814-00663), filed on June 10, 2021). 4.8 Fifteenth Supplemental Indenture, dated as of November 4, 2021, relating to the 3.200% Notes due 2031, between theCompany and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K (File No. 814-00663), filed on November 4, 2021). 4.9 Form of 3.200% Notes due 2031 (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 814-00663), filed on November 4, 2021). 4.10 Sixteenth Supplemental Indenture, dated as of January 13, 2022, relating to the 2.875% Notes due 2027, between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K (File No. 814-00663), filed on January 13, 2022). 4.11 Form of 2.875% due 2027 (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 814-00663), filed on January 13, 2022). 4.12 Seventeenth Supplemental Indenture, dated as of August 3, 2023, relating to the 7.000% Notes due 2027, between Ares Capital Corporation and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K (File No. 814-00663), filed on August 3, 2023). 4.13 Form of 7.000% Notes due 2027 (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 814-00663),filed on August 3, 2023). 4.14 Eighteenth Supplemental Indenture, dated as of January 23, 2024, relating to the 5.875% Notes due 2029, between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K (File No. 814-00663), filed on January 23, 2024). 106
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Exhibit Number Document 4.15 Form of 5.875% Notes due 2029 (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 814-00663), filed on January 23, 2024). 4.16 Indenture, dated as of May 13, 2024, by and between the Company and U.S. Bank Trust Company, National Association, astrustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 10-Q (File No. 814-000663), for the quarter ended June 30, 2024, filed on July 30, 2024). 4.17 First Supplemental Indenture, dated as of May 13, 2024, relating to the 5.950% Notes due 2029, between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s Form 8- K (File No. 814-00663), filed on May 13, 2024). 4.18 Form of 5.950% Notes due 2029 (incorporated by reference to Exhibit 4.3 to the Company’s Form 8-K (File No. 814-00663), filed on May 13, 2024). 4.19 Second Supplemental Indenture, dated as of January 8, 2025, relating to the 5.800% Notes due 2032, between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 814-00663), filed on January 8, 2025). 4.20 Form of 5.800% Notes due 2032 (incorporated by reference to Exhibit 4.3 to the Company’s Form 8-K (File No. 814-00663), filed on January 8, 2025). 4.21 Third Supplemental Indenture, dated as of June 3, 2025, relating to the 5.500% Notes due 2030, between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s Form 8- K (File No. 814-00663), filed on June 3, 2025). 4.22 Form of 5.500% Notes due 2030 (incorporated by reference to Exhibit 4.3 to the Company’s Form 8-K (File No. 814-00663), filed on June 3, 2025). 4.23 Fourth Supplemental Indenture, dated as of September 9, 2025, relating to the 5.100% Notes due 2031, between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 814-00663), filed on September 9, 2025). 4.24 Form of 5.100% Notes due 2031 (incorporated by reference to Exhibit 4.3 to the Company’s Form 8-K (File No. 814-00663), filed on September 9, 2025). 4.25 Fifth Supplemental Indenture, dated as of January 12, 2026, relating to the 5.250% Notes due 2031, between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s Form 8- K (File No. 814-00663), filed on January 12, 2026). 4.26 Form of 5.250% Notes due 2031 (incorporated by reference to Exhibit 4.3 to the Company’s Form 8-K (File No. 814-00663), filed on January 12, 2026). 4.27 Indenture, dated as of May 24, 2024, by and between Ares Direct Lending CLO 1 LLC, as issuer, and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K (File No. 814- 00663), filed on May 31, 2024). 4.28 Form of Class A Senior Floating Rate Notes due 2036 (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 814-00663), filed on May 31, 2024). 4.29 Form of Class B Senior Floating Rate Notes due 2036 (incorporated by reference to Exhibit 4.3 to the Company’s Form 8-K (File No. 814-00663), filed on May 31, 2024). 4.30 Form of Subordinated Notes due 2036 (incorporated by reference to Exhibit 4.4 to the Company’s Form 8-K (File No. 814- 00663), filed on May 31, 2024). 4.31 Indenture and Security Agreement, dated as of November 19, 2024, by and between Ares Direct Lending CLO 4 LLC, as issuer, and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to theCompany’s Form 8-K (File No. 814-00663), filed on November 25, 2024). 4.32 Form of Class A Senior Floating Rate Notes due 2036 (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 814-00663), filed on November 25, 2024). 4.33 Form of Class B Senior Floating Rate Notes due 2036 (incorporated by reference to Exhibit 4.3 to the Company’s Form 8-K (File No. 814-00663), filed on November 25, 2024). 4.34 Form of Subordinated Notes due 2036 (incorporated by reference to Exhibit 4.4 to the Company’s Form 8-K (File No. 814- 00663), filed on November 25, 2024). 4.35 Indenture, dated as of December 3, 2025, by and between Ares Direct Lending CLO 7 LLC, as issuer, and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K (File No. 814- 00663), filed on December 9, 2025). 4.36 Form of Class A-1 Senior Floating Rate Notes due 2038 (contained in the Indenture filed as Exhibit 4.1 to the Company’s Form 8-K (File No. 814-00663), filed on December 9, 2025) (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 814-00663), filed on December 9, 2025). 4.37 Form of Class A-2 Senior Floating Rate Notes due 2038 (contained in the Indenture filed as Exhibit 4.1 to the Company’s Form 8-K (File No. 814-00663), filed on December 9, 2025) (incorporated by reference to Exhibit 4.3 to the Company’s Form 8-K (File No. 814-00663), filed on December 9, 2025). 107
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Exhibit Number Document 4.38 Form of Class B Senior Floating Rate Notes due 2038 (contained in the Indenture filed as Exhibit 4.1 to the Company’s Form 8-K (File No. 814-00663) (incorporated by reference to Exhibit 4.4 to the Company’s Form 8-K (File No. 814-00663), filed on December 9, 2025). 4.39 Form of Subordinated Notes due 2038 (contained in the Indenture filed as Exhibit 4.1 to the Company’s Form 8-K (File No. 814-00663) (incorporated by reference to Exhibit 4.5 to the Company’s Form 8-K (File No. 814-00663), filed on December 9, 2025). 4.40 Description of Securities (incorporated by reference to Exhibit 4.35 to the Company’s Form 10-K (File No. 814-00663) for the year ended December 31, 2024, filed on February 5, 2025). 10.1 Dividend Reinvestment Plan of Ares Capital Corporation (incorporated by reference to Exhibit 10.1 to the Company’s Form 10-K (File No. 814-00663) for the year ended December 31, 2018, filed on February 12, 2019). 10.2 Second Amended and Restated Investment Advisory and Management Agreement between Ares Capital Corporation and Ares Capital Management LLC, dated as of June 6, 2019 (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on June 7, 2019). 10.3 Amended and Restated Administration Agreement, dated as of June 1, 2007, between Ares Capital Corporation and Ares Operations LLC (incorporated by reference to Exhibit 10.1 to the Company’s Form 10-Q (File No. 814-00663) for the quarterended June 30, 2007, filed on August 9, 2007). 10.4 Amended and Restated Custodian Agreement, dated as of May 15, 2009, between Ares Capital Corporation and U.S. Bank National Association (incorporated by reference to Exhibit (j) to the Company’s pre-effective Amendment No. 1 to the Registration Statement under the Securities Act, on Form N-2 (File No. 333-158211), filed on May 28, 2009). 10.5 Amendment No. 1, dated as of December 19, 2014, to the Amended and Restated Custodian Agreement dated as of May 15, 2009, by and among Ares Capital Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 10.5 to the Company’s Form 10-K (File No. 814-00663) for the year ended December 31, 2014, filed on February 26, 2015). 10.6 Trademark License Agreement between Ares Capital Corporation and Ares Management LLC (incorporated by reference to Exhibit 99(k)(3) to the Company’s pre-effective Amendment No. 1 to the Registration Statement under the Securities Act, on Form N-2 (File No. 333-114656), filed on September 17, 2004). 10.7 Form of Indemnification Agreement between Ares Capital Corporation and directors and certain officers (incorporated byreference to Exhibit (k)(3) to the Company’s Registration Statement under the Securities Act, on Form N-2 (File No. 333-188175), filed on April 26, 2013). 10.8 Form of Indemnification Agreement between Ares Capital Corporation and members of Ares Capital Management LLC investment committee (incorporated by reference to Exhibit (k)(4) to the Company’s Registration Statement under the Securities Act, on Form N-2 (File No. 333-188175), filed on April 26, 2013). 10.9 Amended and Restated Purchase and Sale Agreement, dated as of January 22, 2010, among Ares Capital Corporation, as seller,and Ares Capital CP Funding Holdings LLC, as purchaser (incorporated by reference to Exhibit 10.3 to the Company’s Form8-K (File No. 814-00663), filed on January 25, 2010). 10.10 Amendment No. 1 to Amended and Restated Purchase and Sale Agreement, dated as of June 7, 2012, among Ares Capital Corporation, as seller, and Ares Capital CP Funding Holdings LLC, as purchaser (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K (File No. 814-0663), filed on June 8, 2012). 10.11 Second Tier Purchase and Sale Agreement, dated as of January 22, 2010, among Ares Capital CP Funding Holdings LLC, as seller, and Ares Capital CP Funding LLC, as purchaser (incorporated by reference to Exhibit 10.4 to the Company’s Form 8-K (File No. 814-00663), filed on January 25, 2010). 10.12 Amendment No. 1 to Second Tier Purchase and Sale Agreement, dated as of June 7, 2012, among Ares Capital CP Funding Holdings LLC, as seller, and Ares Capital CP Funding LLC, as purchaser (incorporated by reference to Exhibit 10.3 to the Company’s Form 8-K (File No. 814-0663), filed on June 8, 2012). 10.13 Amended and Restated Sale and Servicing Agreement, dated as of January 22, 2010, among Ares Capital CP Funding LLC, as borrower, Ares Capital Corporation, as servicer, Wachovia Bank, National Association, as note purchaser, U.S. Bank National Association, as trustee and collateral custodian, and Wells Fargo Securities, LLC, as agent (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K (File No. 814-00663), filed on January 25, 2010). 10.14 Amendment No. 1 to the Amended and Restated Sale and Servicing Agreement, dated as of May 6, 2010, among Ares Capital CP Funding LLC, as borrower, Ares Capital Corporation, as servicer, Wells Fargo Bank, National Association, as successor by merger to Wachovia Bank as note purchaser, U.S. Bank, National Association, as trustee and collateral custodian, and Wells Fargo Securities LLC, as agent (incorporated by reference to Exhibit 10.5 to the Company’s Form 10-Q (File No. 814-00663) for the quarter ended March 30, 2010, filed on May 10, 2010). 108
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Exhibit Number Document 10.15 Amendment No. 2 to the Amended and Restated Sale and Servicing Agreement, dated as of January 18, 2011, among AresCapital CP Funding LLC, as borrower, Ares Capital Corporation, as servicer, Wells Fargo Bank, National Association, assuccessor by merger to Wachovia Bank as note purchaser, U.S. Bank National Association, as trustee and collateral custodian,and Wells Fargo Securities, LLC, as agent (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No.814-00663), filed on January 19, 2011). 10.16 Amendment No. 3 to the Amended and Restated Sale and Servicing Agreement, dated as of October 13, 2011, among Ares Capital CP Funding LLC, as borrower, Ares Capital Corporation, as servicer and as transferor, Wells Fargo Bank, National Association (as successor by merger to Wachovia Bank, National Association), as note purchaser, U.S. Bank National Association, as trustee, collateral custodian and bank and Wells Fargo Securities, LLC, as agent (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on October 14, 2011). 10.17 Amendment No. 4 to the Amended and Restated Sale and Servicing Agreement, dated as of January 18, 2012, among Ares Capital CP Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Wells Fargo Bank, National Association (as successor by merger to Wachovia Bank, National Association), as note purchaser, Wells Fargo Securities, LLC, as agent, and U.S. Bank National Association, as collateral custodian, trustee and bank (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on January 19, 2012). 10.18 Amendment No. 5 to the Amended and Restated Sale and Servicing Agreement, dated as of June 7, 2012, among Ares CapitalCP Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Wells Fargo Bank, National Association (as successor by merger to Wachovia Bank, National Association), as note purchaser, Wells Fargo Securities, LLC, as agent, and U.S. Bank National Association, as collateral custodian, trustee and bank (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-0663), filed on June 8, 2012). 10.19 Amendment No. 6 to Loan and Servicing Agreement, dated as of January 25, 2013, among Ares Capital CP Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Wells Fargo Securities, LLC, as agent, Wells Fargo Bank, National Association, as swingline lender, and the other lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on January 28, 2013). 10.20 Omnibus Amendment, dated as of May 14, 2014, among Ares Capital CP Funding LLC, Ares Capital CP Funding Holdings LLC, Ares Capital Corporation, Wells Fargo Bank, National Association, as swingline lender and as a lender, Wells Fargo Securities, LLC, as agent, and U.S. Bank National Association, as trustee, bank and collateral custodian (amending the Loan and Servicing Agreement, dated as of January 22, 2010, the Amended and Restated Purchase and Sale Agreement, dated as of January 22, 2010, and the Second Tier Purchase and Sale Agreement, dated as of January 22, 2010) (incorporated by referenceto Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on May 15, 2014). 10.21 Amendment No. 8 to the Loan and Servicing Agreement, dated as of January 3, 2017, among Ares Capital CP Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Wells Fargo Securities, LLC, as agent, and Wells Fargo Bank, National Association, as swingline lender, and the other lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on January 4, 2017). 10.22 Amendment No. 9 to Loan and Servicing Agreement, dated as of October 2, 2017, among Ares Capital CP Funding LLC, as borrower, the Company, as servicer, Wells Fargo Bank, National Association, as swingline lender, as a lender and as a successor agent, Wells Fargo Securities, LLC, as the resigning agent, Bank of America, N.A. as a lender, U.S. Bank National Association as collateral custodian, trustee and bank, and the other lenders party thereto (incorporated by reference to Exhibit 10.22 to the Company’s Form 10-K (File No. 814-00663) for the year ended December 31, 2021, filed on February 9, 2022). 10.23 Amendment No. 10 to Loan and Servicing Agreement, dated as of October 2, 2018, among Ares Capital CP Funding LLC, Ares Capital Corporation, Wells Fargo Bank National Association, as the agent and Wells Fargo Bank, National Association, asa lender and Bank of America, N.A. (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K (File No. 814- 00663), filed on October 3, 2018). 10.24 Amendment No. 11 to Loan and Servicing Agreement, dated as of December 14, 2018, among Ares Capital CP Funding LLC, Ares Capital Corporation, Wells Fargo Bank National Association, as the agent and Wells Fargo Bank, National Association, as a lender and Bank of America, N.A. (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814- 00663), filed on December 17, 2018). 10.25 Amendment No. 12 to Loan and Servicing Agreement, dated as of June 18, 2019, among Ares Capital CP Funding LLC, as the borrower, Ares Capital Corporation, as the servicer, Wells Fargo Bank, National Association, as the agent, Wells Fargo Bank, National Association, as a lender, Bank of America, N.A, as a lender and U.S. Bank National Association, as trustee, bank and collateral custodian (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on June 19, 2019). 109
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Exhibit Number Document 10.26 Amendment No. 13 to Loan and Servicing Agreement, dated as of January 31, 2020, among Ares Capital CP Funding LLC, as the borrower, Ares Capital Corporation, as the servicer, Wells Fargo Bank, National Association, as the agent, Wells Fargo Bank, National Association, as a lender, Bank of America, N.A, as a lender, TIAA, FSB, as a lender, SampensionLivsforsikring A/S, as a lender, Arkitekternes Pensionskasse, as a lender, Pensionskassen for Jordbrugsakademikere og Dyrlæger, as a lender and U.S. Bank National Association, as trustee, bank and collateral custodian (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on February 3, 2020). 10.27 Amendment No. 14 to Loan and Servicing Agreement, dated as of November 13, 2020, among Ares Capital CP Funding LLC, as borrower, the Company, as servicer, Wells Fargo Bank, National Association, as agent, Wells Fargo Bank, National Association, as a lender, and Bank of America, N.A., as a lender, and U.S. Bank National Association, as trustee, bank and collateral custodian (incorporated by reference to Exhibit 10.27 to the Company’s Form 10-K (File No. 814-00663) for the year ended December 31, 2021, filed on February 9, 2022). 10.28 Amendment No. 15 to Loan and Servicing Agreement, dated as of December 29, 2021, among Ares Capital CP Funding LLC, as borrower, the Company as servicer, Wells Fargo Bank, National Association, as agent, the lenders named therein, and U.S. Bank National Association, as trustee, bank and collateral custodian (incorporated by reference to Exhibit 10.1 to the Company’s Form 8 ‑ K (File No. 814 ‑ 00663), filed on January 3, 2022). 10.29 Amendment No. 16 to Loan and Servicing Agreement, dated as of June 30, 2022, among Ares Capital CP Funding LLC, as the borrower, Ares Capital Corporation, as the servicer, Wells Fargo Bank, National Association, as the agent, Wells Fargo Bank, National Association, as a lender, Bank of America, N.A, as a lender, Sampension Livsforsikring A/S, as a lender, Arkitekternes Pensionskasse, as a lender, Pensionskassen for Jordbrugsakademikere og Dyrlæger, as a lender, Canadian Imperial Bank of Commerce, as a lender, U.S. Bank Trust Company, National Association, as trustee and U.S. Bank National Association, as bank and collateral custodian (incorporated by reference to Exhibit 10.1 to the Company’s Form 8 ‑ K (File No. 814 ‑ 00663), filed on July 1, 2022). 10.30 Amendment No. 17 to Loan and Servicing Agreement, dated as of October 8, 2024, among Ares Capital CP Funding LLC, as the borrower, Ares Capital Corporation, as the servicer, Wells Fargo Bank, National Association, as the agent, Wells Fargo Bank, National Association, as a lender, Bank of America, N.A, as a lender, Sampension Livsforsikring A/S, as a lender, Arkitekternes Pensionskasse, as a lender, Pensionskassen for Jordbrugsakademikere og Dyrlæger, as a lender, Pensionskassen for Teknikum og Diplomingeniører, as a lender, Canadian Imperial Bank of Commerce, as a lender, U.S. Bank Trust Company, National Association, as trustee and U.S. Bank National Association, as bank and collateral custodian (incorporated byreference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on October 11, 2024). 10.31 Amendment No. 18 to Loan and Servicing Agreement, dated as of July 28, 2025, among Ares Capital CP Funding LLC, as the borrower, Ares Capital Corporation, as the servicer, Wells Fargo Bank, National Association, as the agent, the lenders party thereto, U.S. Bank Trust Company, National Association, as trustee and U.S. Bank National Association, as bank and collateral custodian (incorporated by reference to Exhibit 10.3 to the Company’s Form 10-Q (File No. 814-00663) for the quarter ended June 30, 2025, filed on July 29, 2025). 10.32 Sixteenth Amended and Restated Senior Secured Credit Agreement, dated as of April 15, 2025, among Ares Capital Corporation, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-000663), filed on April 21, 2025). 10.33 Loan and Servicing Agreement, dated as of January 20, 2012, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, collateral agent and lender, and U.S. Bank National Association, as collateral custodian and bank (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on January 24, 2012). 10.34 Purchase and Sale Agreement, dated as of January 20, 2012, between Ares Capital JB Funding LLC, as purchaser, and Ares Capital Corporation, as seller (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K (File No. 814-00663), filed on January 24, 2012). 10.35 Revolving Credit and Security Agreement, dated as of June 11, 2020, among ARCC FB Funding LLC, as the borrower, BNP Paribas, as the administrative agent, Ares Capital Corporation as equity holder and servicer, and U.S. Bank National Association as collateral agent (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on June 16, 2020). 10.36 Purchase and Sale Agreement, dated as of June 11, 2020, between ARCC FB Funding LLC, as the purchaser and Ares CapitalCorporation, as the seller (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K (File No. 814-00663), filed on June 16, 2020). 110
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Exhibit Number Document 10.37 First Amendment to the Revolving Credit and Security Agreement, dated as of December 21, 2020, among ARCC FB Funding LLC, as the borrower, BNP Paribas, as the administrative agent, Ares Capital Corporation as equity holder and servicer, and U.S. Bank National Association as collateral agent (incorporated by reference to Exhibit 10.31 to the Company’s Form 10-K(File No. 814-00663), for the year ended December 30, 2020, filed on February 10, 2021). 10.38 Second Amendment to the Revolving Credit and Security Agreement, dated as of June 29, 2021, among ARCC FB Funding LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Ares Capital Corporation, as equityholder and servicer, and U.S. Bank National Association, as collateral agent (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on July 1, 2021). 10.39 Third Amendment to the Revolving Credit and Security Agreement, dated as of August 17, 2022, among ARCC FB Funding LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Ares Capital Corporation, as equityholder and servicer, and U.S. Bank Trust Company, National Association, as collateral agent (incorporated by reference to Exhibit 10.37 to the Company’s Form 10-K (File No. 814-00663) for the year ended December 31, 2022, filed on February 7, 2023). 10.40 Fourth Amendment to the Revolving Credit and Security Agreement, dated as of January 9, 2023, among ARCC FB Funding LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Ares CapitalCorporation, as equityholder and servicer, and U.S. Bank National Association, as collateral agent (incorporated by reference to Exhibit 10.38 to the Company’s Form 10-K (File No. 814-00663) for the year ended December 31, 2022, filed on February 7, 2023). 10.41 Fifth Amendment to the Revolving Credit and Security Agreement, dated as of April 20, 2023, among ARCC FB Funding LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Ares Capital Corporation, as equityholder and servicer, and U.S. Bank National Association, as collateral agent (incorporated by reference to Exhibit 10.3 to the Company’s Form 10-Q (File No. 814-00663) for the quarter ended March 31, 2023, filed on April 25, 2023). 10.42 Sixth Amendment to the Revolving Credit and Security Agreement, dated as of December 14, 2023, among ARCC FB Funding LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Ares Capital Corporation, as equityholder and servicer, and U.S. Bank National Association, as collateral agent (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on December 19, 2023). 10.43 Seventh Amendment to the Revolving Credit and Security Agreement, dated as of April 12, 2024, among ARCC FB FundingLLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Ares Capital Corporation, as equityholder and servicer, and U.S. Bank National Association, as collateral agent (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K (File No. 814-00663), filed on April 17, 2024). 10.44 Eighth Amendment to the Revolving Credit and Security Agreement, dated as of July 25, 2024, among ARCC FB Funding LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Ares Capital Corporation, as equityholder and servicer, and U.S. Bank National Association, as collateral agent (incorporated by reference to Exhibit 10.6 to the Company’s 10-Q (File No. 814-000663), for the quarter ended June 30, 2024, filed on July 30, 2024). 10.45 Ninth Amendment to the Revolving Credit and Security Agreement, dated as of March 20, 2025, among ARCC FB Funding LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Ares Capital Corporation, as equityholder and servicer, and U.S. Bank National Association, as collateral agent (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-000663), filed on March 24, 2025). 10.46 Omnibus Amendment No. 1, dated as of September 14, 2012, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateralagent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012, and the Purchase and Sale Agreement, dated as of January 20, 2012) (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on September 17, 2012). 10.47 Omnibus Amendment No. 2, dated as of December 20, 2013, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012, and the Purchase and Sale Agreement, dated as of January 20, 2012) (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on December 23, 2013). 111
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Exhibit Number Document 10.48 Omnibus Amendment No. 3, dated as of June 30, 2015, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement,dated as of January 20, 2012, and the Purchase and Sale Agreement, dated as of January 20, 2012) (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on July 1, 2015). 10.49 Omnibus Amendment No. 4, dated as of August 24, 2017, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012) (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on August 28, 2017). 10.50 Omnibus Amendment No. 5, dated as of September 12, 2018, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012) (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on September 13, 2018). 10.51 Omnibus Amendment No. 6, dated as of September 10, 2019, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012 and the Purchase and Sale Agreement, dated as of January 20, 2012) (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on September 10, 2019). 10.52 Omnibus Amendment No. 7, dated as of December 31, 2019, among Ares Capital JB Funding LLC, as borrower, Ares CapitalCorporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateralagent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement,dated as of January 20, 2012 and the Purchase and Sale Agreement, dated as of January 20, 2012) (incorporated by reference toExhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on January 2, 2020). 10.53 Amendment No. 8, dated as of May 28, 2021, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, asservicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S.Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January20, 2012) (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on May 28,2021). 10.54 Amendment No. 9, dated as of April 28, 2023, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, asservicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S.Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January20, 2012) (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on May 4, 2023). 10.55 Amendment No. 10, dated as of March 28, 2024, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation,as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, andU.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as ofJanuary 20, 2012) (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on April3, 2024). 10.56 Amendment No. 11, dated as of December 6, 2024, among Ares Capital JB Funding LLC, as borrower, Ares CapitalCorporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateralagent, Citizens Bank, N.A., as lender, and Sumitomo Mitsui Trust Bank, Limited, New York Branch, as lender (amending theLoan and Servicing Agreement, dated as of January 20, 2012) (incorporated by reference to Exhibit 10.1 to the Company’sForm 8-K (File No. 814-00663), filed on December 11, 2024). 10.57 Amendment No. 12, dated as of July 25, 2025, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, asservicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, CitizensBank, N.A., as lender, and Sumitomo Mitsui Trust Bank, Limited, New York Branch, as lender (amending the Loan andServicing Agreement, dated as of January 20, 2012) (incorporated by reference to Exhibit 10.2 to the Company’s Form 10-Q(File No. 814-00663) for the quarter ended June 30, 2025, filed on July 29, 2025). 10.58 Uncommitted Continuing Agreement for Standby Letters of Credit and Demand Guarantees, dated as of May 11, 2023,between Ares Capital Corporation and Deutsche Bank AG New York Branch, as the issuer (incorporated by reference toExhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on May 17, 2023). 112
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Exhibit Number Document 10.59 Collateral Administration Agreement, dated as of May 24, 2024, by and between Ares Direct Lending CLO 1 LLC, as issuer,Ares Capital Management LLC, as asset manager, and U.S. Bank Trust Company, National Association as collateraladministrator (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on May 31,2024). 10.60 Asset Management Agreement, dated as of May 24, 2024, by and between Ares Direct Lending CLO 1 LLC, as issuer and AresCapital Management LLC, as asset manager (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K (File No.814-00663), filed on May 31, 2024). 10.61 Master Purchase and Sale Agreement, dated as of May 24, 2024, by and between Ares Capital Corporation, as seller, and AresDirect Lending CLO 1 LLC, as buyer (incorporated by reference to Exhibit 10.3 to the Company’s Form 8-K (File No. 814-00663), filed on May 31, 2024). 10.62 Contribution Agreement, dated as of May 24, 2024, by and between Ares Capital Corporation, as transferor, and Ares DirectLending CLO 1 LLC, as transferee (incorporated by reference to Exhibit 10.4 to the Company’s Form 8-K (File No. 814-00663), filed on May 31, 2024). 10.63 Equity Distribution Agreement, dated as of February 5, 2025, among Ares Capital Corporation, Ares Capital ManagementLLC, Ares Operations LLC and Truist Securities, Inc. (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K(File No. 814-00663), filed on February 5, 2025). 10.64 Equity Distribution Agreement, dated as of February 5, 2025, among Ares Capital Corporation, Ares Capital ManagementLLC, Ares Operations LLC and Mizuho Securities USA LLC (incorporated by reference to Exhibit 10.3 to the Company’sForm 8-K (File No. 814-00663), filed on February 5, 2025). 10.65 Equity Distribution Agreement, dated as of February 5, 2025, among Ares Capital Corporation, Ares Capital ManagementLLC, Ares Operations LLC and RBC Capital Markets, LLC (incorporated by reference to Exhibit 10.4 to the Company’s Form8-K (File No. 814-00663), filed on February 5, 2025). 10.66 Equity Distribution Agreement, dated as of February 5, 2025, among Ares Capital Corporation, Ares Capital ManagementLLC, Ares Operations LLC and Regions Securities LLC (incorporated by reference to Exhibit 10.5 to the Company’s Form 8-K (File No. 814-00663), filed on February 5, 2025). 10.67 Class A Credit Agreement, dated as of November 19, 2024, by and among Ares Direct Lending CLO 4 LLC, as borrower, thelenders party thereto, and U.S. Bank Trust Company, National Association, as loan agent and collateral trustee (incorporated byreference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on November 25, 2024). 10.68 Class B Credit Agreement, dated as of November 19, 2024, by and among Ares Direct Lending CLO 4 LLC, as borrower, thelenders party thereto, and U.S. Bank Trust Company, National Association, as loan agent and collateral trustee (incorporated byreference to Exhibit 10.2 to the Company’s Form 8-K (File No. 814-00663), filed on November 25, 2024). 10.69 Collateral Administration Agreement, dated as of November 19, 2024, by and between Ares Direct Lending CLO 4 LLC, asissuer, Ares Capital Management LLC, as asset manager, and U.S. Bank Trust Company, National Association as collateraladministrator (incorporated by reference to Exhibit 10.3 to the Company’s Form 8-K (File No. 814-00663), filed on November25, 2024). 10.70 Asset Management Agreement, dated as of November 19, 2024, by and between Ares Direct Lending CLO 4 LLC, as issuerand Ares Capital Management LLC, as asset manager (incorporated by reference to Exhibit 10.4 to the Company’s Form 8-K(File No. 814-00663), filed on November 25, 2024). 10.71 Master Purchase and Sale Agreement, dated as of November 19, 2024, by and between Ares Capital Corporation, as seller, andAres Direct Lending CLO 4 LLC, as buyer (incorporated by reference to Exhibit 10.5 to the Company’s Form 8-K (File No.814-00663), filed on November 25, 2024). 10.72 Contribution Agreement, dated as of November 19, 2024, by and between Ares Capital Corporation, as transferor, and AresDirect Lending CLO 4 LLC, as transferee (incorporated by reference to Exhibit 10.6 to the Company’s Form 8-K (File No.814-00663), filed on November 25, 2024). 10.73 Collateral Administration Agreement, dated as of December 3, 2025, by and between Ares Direct Lending CLO 7 LLC, asissuer, Ares Capital Management LLC, as asset manager, and U.S. Bank Trust Company, National Association, as collateraladministrator (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on December9, 2025). 10.74 Asset Management Agreement, dated as of December 3, 2025, by and between Ares Direct Lending CLO 7 LLC, as issuer, andAres Capital Management LLC, as asset manager (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K (FileNo. 814-00663), filed on December 9, 2025). 10.75 Master Purchase and Sale Agreement, dated as of December 3, 2025, by and between Ares Capital Corporation, as seller, andAres Direct Lending CLO 7 LLC, as buyer (incorporated by reference to Exhibit 10.3 to the Company’s Form 8-K (File No.814-00663), filed on December 9, 2025). 10.76 Contribution Agreement, dated as of December 3, 2025, by and between Ares Capital Corporation, as transferor, and AresDirect Lending CLO 7 LLC, as transferee (incorporated by reference to Exhibit 10.4 to the Company’s Form 8-K (File No.814-00663), filed on December 9, 2025). 11.1 Statement of Computation of Per Share Earnings (included in Note 10 to the Company’s Notes to Consolidated FinancialStatements filed herewith). 113
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Exhibit Number Document 19.1 Insider Trading Policy (incorporated by reference to Exhibit 97.2 to the Company’s Form 10-K (File No. 814-00663), for theyear ended December 31, 2024, filed on February 5, 2025). 21.1 Subsidiaries of Ares Capital Corporation* 23.1 Consent of Independent Registered Public Accounting Firm* 31.1 Certification by Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of theSarbanes-Oxley Act of 2002* 31.2 Certification by Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of theSarbanes-Oxley Act of 2002* 32.1 Certification by Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuantto Section 906 of the Sarbanes-Oxley Act of 2002** 97.1 Clawback Policy (incorporated by reference to Exhibit 97.1 to the Company’s Form 10-K (File No. 814-00663) for the yearended December 31, 2023, filed on February 7, 2024). 99.1 Report of Independent Registered Public Accounting Firm on Supplemental Information* 99.2 Supplemental Financial Information of Senior Direct Lending Program, LLC as of December 31, 2025 and 2024* 101.INS Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags areembedded within the Inline XBRL document* 101.SCH Inline XBRL Taxonomy Extension Schema Document* 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document* 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document* 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document* 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document* 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) ________________________________________ * Filed herewith ** Furnished herewith Item 16. Form 10-K Summary None. 114
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INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Reports of Independent Registered Public Accounting Firm (KPMG LLP, Los Angeles, California, PCAOB ID 185) F-2 Consolidated Balance Sheet as of December 31, 2025 and 2024 F-5 Consolidated Statement of Operations for the years ended December 31, 2025, 2024 and 2023 F-6 Consolidated Schedules of Investments as of December 31, 2025 and 2024 F-86 Consolidated Statement of Stockholders’ Equity for the years ended December 31, 2025, 2024 and 2023 F-158 Consolidated Statement of Cash Flows for the years ended December 31, 2025, 2024 and 2023 F-159 Notes to Consolidated Financial Statements F-160 F-1
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Report of Independent Registered Public Accounting Firm To the Stockholders and Board of Directors Ares Capital Corporation: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Ares Capital Corporation and subsidiaries (the Company), including the consolidated schedules of investments, as of December 31, 2025 and 2024, the related consolidated statements of operations, stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 4, 2026 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting. Basis for Opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Such procedures also included confirmation of securities owned as of December 31, 2025 and 2024, by correspondence with the custodian, agent banks, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Fair value of investments As discussed in Notes 2 and 4 to the consolidated financial statements, consistent with the Company’s valuation policy and in consideration of the fact that there is not a readily available market value for most of the investments in the Company’s portfolio, the Company measures substantially all of its investments at fair value using unobservable inputs and assumptions. We identified the evaluation of the fair value of investments as a critical audit matter. Due to the inherent estimation uncertainty, assessment of the Company’s judgments regarding the use of specific valuation assumptions involved a high degree of subjective auditor judgment. Changes in these assumptions could have a significant impact on the fair value of investments. In particular, the Company made judgments relating to the market yields used in yield analyses for debt and F-2
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other interest-bearing investments, market multiples used in determining enterprise values, and discount rates used in discounted cash flow analyses. Additionally, specialized skills and knowledge were required to evaluate these assumptions. The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Company's process to measure the fair value of its investments. These included controls related to the development of the market yield, market multiples, and discount rate assumptions used in the Company’s valuations. We also evaluated the Company’s ability to estimate fair value by comparing a selection of prior period fair values to transaction prices of transactions occurring subsequent to the prior period valuation date. To assess management’s use of the market yield, market multiples, and discount rate assumptions to measure fair value of its investments, for a selection of investments, we assessed these assumptions by using third-party market and industry data. For a selection of the Company’s investments, we involved valuation professionals with specialized skills and knowledge, who assisted in: • developing a range of market yields, market multiples, and discount rate assumptions using market information and comparing them to the assumptions used by the Company • evaluating the Company’s estimate of fair value by developing an independent estimate of fair value based upon independently developed ranges for market yields, market multiples, and discount rate assumptions. /s/ KPMG LLP We have served as the Company’s auditor since 2004. Los Angeles, California February 4, 2026 F-3
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Report of Independent Registered Public Accounting Firm To the Stockholders and Board of Directors Ares Capital Corporation: Opinion on Internal Control Over Financial Reporting We have audited Ares Capital Corporation and subsidiaries’ (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company, including the consolidated schedules of investments, as of December 31, 2025 and 2024, the related consolidated statements of operations, stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements), and our report dated February 4, 2026 expressed an unqualified opinion on those consolidated financial statements. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ KPMG LLP Los Angeles, California February 4, 2026 F-4
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PART I - FINANCIAL INFORMATION Item 1. Financial Statements ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (in millions, except per share data) As of December 31, 2025 2024 ASSETS Investments at fair value Non-controlled/non-affiliate company investments $ 24,872 $ 22,145 Non-controlled affiliate company investments 600 707 Controlled affiliate company investments 4,013 3,868 Total investments at fair value (amortized cost of $29,250 and $26,374, respectively) 29,485 26,720 Cash and cash equivalents 638 635 Restricted cash 286 225 Interest receivable 288 292 Receivable for open trades 317 224 Other assets 221 158 Total assets $ 31,235 $ 28,254 LIABILITIES Debt $ 15,991 $ 13,727 Base management fee payable 111 100 Income based fee payable 89 91 Capital gains incentive fee payable 82 105 Interest and facility fees payable 193 170 Payable to participants 131 163 Interest rate swap collateral payable 155 62 Payable for open trades 5 236 Accounts payable and other liabilities 132 121 Deferred tax liabilities 28 92 Secured borrowings — 32 Total liabilities 16,917 14,899 Commitments and contingencies (Note 7) STOCKHOLDERS’ EQUITY Common stock, par value $0.001 per share, 1,000 common shares authorized; 718 and 672common shares issued and outstanding, respectively 1 1 Capital in excess of par value 13,359 12,502 Accumulated undistributed earnings 958 852 Total stockholders’ equity 14,318 13,355 Total liabilities and stockholders’ equity $ 31,235 $ 28,254 NET ASSET VALUE PER SHARE $ 19.94 $ 19.89 See accompanying notes to consolidated financial statements. F-5
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS (in millions, except per share data) For the Years Ended December 31, 2025 2024 2023 INVESTMENT INCOME: From non-controlled/non-affiliate company investments: Interest income (excluding payment-in-kind (“PIK”) interest income) $ 1,790 $ 1,749 $ 1,564 PIK interest income 184 174 143 Capital structuring service fees 178 156 83 Dividend income (excluding PIK dividend income) 30 49 47 PIK dividend income 266 253 195 Other income 87 55 53 Total investment income from non-controlled/non-affiliate company investments 2,535 2,436 2,085 From non-controlled affiliate company investments: Interest income (excluding PIK interest income) 15 20 12 PIK interest income 17 14 5 Capital structuring service fees 1 3 — Dividend income (excluding PIK dividend income) — 2 7 Other income — 2 — Total investment income from non-controlled affiliate company investments 33 41 24 From controlled affiliate company investments: Interest income (excluding PIK interest income) 159 187 220 PIK interest income 18 18 18 Capital structuring service fees 6 13 9 Dividend income (excluding PIK dividend income) 293 286 250 PIK dividend income 2 4 2 Other income 6 5 6 Total investment income from controlled affiliate company investments 484 513 505 Total investment income 3,052 2,990 2,614 EXPENSES: Interest and credit facility fees 793 715 582 Base management fee 425 374 323 Income based fee 348 364 328 Capital gains incentive fee (23) 18 53 Administrative and other fees 15 12 13 Other general and administrative 36 31 29 Total expenses 1,594 1,514 1,328 NET INVESTMENT INCOME BEFORE INCOME TAXES 1,458 1,476 1,286 Income tax expense, including excise taxes 43 40 28 NET INVESTMENT INCOME 1,415 1,436 1,258 REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHERTRANSACTIONS: Net realized gains (losses): Non-controlled/non-affiliate company investments 80 (78) (146) Non-controlled affiliate company investments (35) (6) (10) Controlled affiliate company investments 56 24 1 Foreign currency and other transactions (6) 5 (24) Net income tax expense on net realized gains (115) (33) 8 Net realized losses (20) (88) (171) Net unrealized gains (losses): Non-controlled/non-affiliate company investments 4 35 443 Non-controlled affiliate company investments (44) 23 34 Controlled affiliate company investments (74) 85 16 Foreign currency and other transactions (41) 50 6 Net change in deferred tax liabilities 59 (5) (64) Net unrealized gains (losses) (96) 188 435 Net realized and unrealized gains (losses) on investments, foreign currency and other transactions (116) 100 264 Realized loss on extinguishment of debt — (14) — NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS $ 1,299 $ 1,522 $ 1,522 NET INCOME PER COMMON SHARE (see Note 10) Basic $ 1.86 $ 2.44 $ 2.75 Diluted $ 1.86 $ 2.44 $ 2.68 WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING (see Note 10) Basic 699 624 554 Diluted 699 624 575 See accompanying notes to consolidated financial statements. F-6
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Software andServices ACP Avenu MidcoLLC (13) Provider oftechnologysolutions andhardware to U.S.state and localgovernments andmotor vehicleagencies First lien seniorsecured loan 8.74% SOFR (Q) 4.75% 04/2025 10/2029 $ 13.2 $ 13.0 $ 13.2 (2)(9) First lien seniorsecured loan 8.74% SOFR (Q) 4.75% 08/2025 10/2029 18.9 18.6 18.9 (2)(9) 31.6 32.1 Actfy Buyer, Inc.(13) Software providerof end to end fraudmanagementworkflow solutions First lien seniorsecured loan 8.47% SOFR (M) 4.75% 05/2024 05/2031 20.9 20.9 20.9 (2)(9) Activate Holdings(US) Corp. andCrossPoint CapitalAS SPV, LP (13) Provider of softwareservices that supportthe management andsecurity ofcomputing devices,applications, data,and networks First lien seniorsecured loan 8.92% SOFR (Q) 5.25% 07/2023 07/2030 42.1 42.1 42.1 (2)(6)(9) First lien seniorsecured loan 8.92% SOFR (Q) 5.25% 09/2024 07/2030 6.8 6.8 6.8 (2)(6)(9) Limitedpartnershipinterest 10/2023 9,249,000 10.2 12.6 (2)(6) 59.1 61.5 Adonis Bidco Inc.(13) Provider ofintellectual propertymanagementlifecycle software First lien seniorsecured loan 9.17% SOFR (Q) 5.50% 02/2025 02/2032 11.0 11.0 11.0 (2)(9) First lien seniorsecured loan 9.42%(3.00%PIK) SOFR (Q) 5.75% 02/2025 02/2032 235.5 235.5 235.5 (2)(9) 246.5 246.5 AI Titan Parent, Inc.(13) Provider of plantmaintenance /scheduling software First lien seniorsecured loan 8.25% SOFR (M) 4.50% 08/2024 08/2031 7.3 7.3 7.3 (2)(9) Anaplan, Inc. (13) Provider of cloud-based connectedplanning platformsfor businessanalytics First lien seniorsecured loan 8.32% SOFR (Q) 4.50% 06/2022 06/2029 5.8 5.8 5.8 (2)(9) APG IntermediateHoldings Corporationand APG Holdings,LLC (4) Aircraftperformancesoftware provider Class Amembership units 01/2020 9,750,000 9.8 7.6 (2) Appriss Health, LLCand Appriss HealthIntermediateHoldings, Inc. (13) Software platformfor identification,prevention andmanagement ofsubstance usedisorder First lien seniorsecured loan 8.57% SOFR (M) 4.75% 05/2021 05/2027 2.8 2.8 2.8 (2)(9) Aptean, Inc. andAptean Acquiror Inc.(13) Provider of CRM,ERP and supplychain softwareapplication First lien seniorsecured revolvingloan 8.49% SOFR (M) 4.75% 01/2024 01/2031 0.2 0.2 0.2 (2)(9) First lien seniorsecured loan 8.57% SOFR (Q) 4.75% 01/2024 01/2031 19.5 19.5 19.5 (2)(9) 19.7 19.7 Archduke Buyer, Inc.(13) Developer andoperator of Javaruntime solutionsfor enterprisesapplications First lien seniorsecured loan 9.27% SOFR (Q) 5.50% 12/2025 12/2032 61.0 61.0 60.4 (2)(9) Arrow Borrower2025, Inc. (13) Provider ofaccounts payableautomation softwareand paymentsolutions First lien seniorsecured loan 8.15% SOFR (Q) 4.25% 10/2025 10/2032 28.3 28.3 28.1 (2)(9) Artifact Bidco, Inc.(13) Supply chain riskmanagement SaaSplatform for globalenterprise clients First lien seniorsecured loan 7.82% SOFR (Q) 4.15% 05/2024 07/2031 7.4 7.4 7.4 (2)(9) See accompanying notes to consolidated financial statements. F-7
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Aston Bidco (Holding)Limited Provider ofenterprise softwaresolutions First lien seniorsecured loan 9.97% SONIA (Q) 6.00% 07/2025 07/2032 110.2 108.2 110.2 (2)(6)(9) Auctane, Inc. Provider of mailingand shippingsolutions First lien seniorsecured loan 9.58% SOFR (S) 5.75% 10/2021 10/2028 143.4 143.4 143.4 (2)(9) Banyan SoftwareHoldings, LLC andBanyan SoftwareIntermediate, Inc. (13)(14) Vertical softwarebusinesses holdingcompany First lien seniorsecured loan 9.22% SOFR (M) 5.50% 01/2025 01/2031 141.2 141.2 141.2 (2)(9) First lien seniorsecured loan 9.22% SOFR (M) 5.50% 04/2025 01/2031 21.4 21.4 21.4 (2)(9) First lien seniorsecured loan 8.98% SOFR (M) 5.25% 10/2025 01/2031 1.2 1.2 1.2 (2) Series A preferredshares 14.00%PIK 01/2025 80,007 89.2 88.2 (2) 253.0 252.0 BCTO IgnitionPurchaser, Inc. Enterprise softwareprovider Seniorsubordinated loan 11.37%PIK SOFR (Q) 7.50% 04/2023 10/2030 4.5 4.5 4.5 (2)(9) Seniorsubordinated loan 11.37%PIK SOFR (Q) 7.50% 03/2025 10/2030 2.5 2.5 2.5 (2)(9) 7.0 7.0 Bobcat Purchaser,LLC and BobcatTopco, L.P. (13) Healthcare softwareprovider First lien seniorsecured loan 8.44% SOFR (Q) 4.75% 06/2023 06/2030 15.5 15.5 15.5 (2)(9) Class A-1 units 06/2023 1,729,228 1.7 1.8 17.2 17.3 Borrower R365Holdings LLC (13) Provider ofrestaurantenterprise resourceplanning systems First lien seniorsecured loan 9.82% SOFR (Q) 6.00% 06/2021 06/2027 15.9 15.9 15.9 (2)(9) First lien seniorsecured loan 9.82% SOFR (Q) 6.00% 01/2022 06/2027 1.9 1.9 1.9 (2)(9) 17.8 17.8 BottomlineTechnologies, Inc. (13) Provider ofpaymentautomationsolutions First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 04/2025 05/2029 16.5 16.5 16.5 (2)(9) Businessolver.com,Inc. (13) Provider of SaaS-based benefitssolutions foremployers andemployees First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 12/2021 12/2032 28.0 28.0 27.9 (2)(9) Cardinal Parent, Inc.and Packers SoftwareIntermediate Holdings,Inc. (13) Provider ofsoftware andtechnology-enabledcontent andanalytical solutionsto insurancebrokers First lien seniorsecured loan 8.32% SOFR (Q) 4.50% 04/2024 11/2027 16.6 16.2 16.2 (2)(9)(16) Second liensenior securedloan 11.58% SOFR (Q) 7.75% 11/2020 11/2028 71.6 71.2 70.9 (2)(9) Series A preferredshares 11.00%PIK 11/2020 24,898 43.5 41.3 (2) Series A-2preferred shares 11.00%PIK 12/2020 8,963 15.5 14.7 (2) Series A-3preferred shares 11.00%PIK 11/2021 11,952 18.7 17.7 (2) 165.1 160.8 Cascade Parent Inc.,Cascade IntermediateII, Inc., and HaveliCascade Co-Invest I,L.P. (13) Provider ofdatabasemanagementservices First lien seniorsecured loan 9.47% SOFR (M) 5.75% 09/2025 09/2031 29.8 29.8 29.4 (2)(9) Seniorsubordinated loan 13.00%PIK 09/2025 09/2033 24.5 24.5 24.0 (2) Limitedpartnershipinterests 09/2025 5,324,000 5.3 5.3 (2) 59.6 58.7 CentralsquareTechnologies, LLCand SupermooseNewco, Inc. (13) Provider ofmission-criticalsoftware solutionsfor the public sector First lien seniorsecured revolvingloan 04/2024 04/2030 — — — (2)(11) See accompanying notes to consolidated financial statements. F-8
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets First lien seniorsecured loan 9.47% SOFR (M) 5.75% 04/2024 04/2030 144.7 144.7 144.7 (2)(9) Series A preferredstock 15.00%PIK 04/2024 83,332 107.2 107.2 (2) 251.9 251.9 Cloud SoftwareGroup, Inc., PicardParent, Inc., CloudSoftware GroupHoldings, Inc., PicardHoldCo, LLC andElliott Alto Co-Investor AggregatorL.P. (13) Provider of server,application anddesktopvirtualization,networking,software as aservice, and cloudcomputingtechnologies Second liensenior securednotes 9.00% 04/2023 09/2029 121.0 114.8 125.9 (2)(16) Limitedpartnershipinterests 09/2022 12,250,000 12.3 35.2 (2) 127.1 161.1 Community BrandsParentCo, LLC Software andpayment servicesprovider to non-profit institutions Class A units 12/2016 500,000 5.0 1.5 (2) Computer Services,Inc. (13) Infrastructuresoftware provider tocommunity banks First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 02/2024 11/2031 160.4 160.4 160.4 (2)(9) Consilio MidcoLimited, CompusoftUS LLC, andConsilio InvestmentHoldings, L.P. Provider of salessoftware for theinterior designindustry Common units 05/2021 483,584 4.8 10.5 (2)(6) Series A commonunits 09/2022 23,340 0.2 0.5 (2)(6) 5.0 11.0 CoreLogic, Inc. andT-VIII Celestial Co-Invest LP (13) Provider ofinformation, insight,analytics, softwareand otheroutsourced servicesprimarily to themortgage, real estateand insurancesectors First lien seniorsecured revolvingloan 7.08% SOFR (M) 3.25% 06/2021 03/2028 6.4 6.4 6.4 (2) Second liensenior securedloan 10.33% SOFR (M) 6.50% 06/2021 06/2029 155.7 155.7 156.6 (2)(9)(16) Limitedpartnership units 04/2021 59,665,989 59.7 53.9 (2) 221.8 216.9 Cority Software Inc.,Cority Software(USA) Inc., andCority Parent, Inc.(13) Provider ofenvironmental,health and safetysoftware to trackcompliance data First lien seniorsecured loan 8.34% SOFR (Q) 4.50% 10/2025 11/2032 61.7 61.7 61.4 (2)(6)(9) Preferred equity 9.00%PIK 07/2019 198 0.4 0.9 (2)(6) Common equity 07/2019 190,143 — — (2)(6) 62.1 62.3 CornerstoneOnDemand, Inc. andSunshine SoftwareHoldings, Inc. (13) Provider of a cloud-based, SaaSplatform for talentmanagement First lien seniorsecured revolvingloan 6.84% SOFR (M) 3.00% 10/2021 10/2026 8.4 8.4 7.6 (2)(12) First lien seniorsecured loan 7.58% SOFR (M) 3.75% 06/2024 10/2028 16.4 15.0 15.0 (2)(9)(16) Second liensenior securedloan 10.33% SOFR (M) 6.50% 10/2021 10/2029 137.5 137.5 125.1 (2)(9) Series A preferredshares 10.50%PIK 10/2021 116,413 179.2 152.3 (2) Class A-1common stock 10/2021 1,360,100 13.6 19.9 (2) 353.7 319.9 Coupa Holdings,LLC and CoupaSoftwareIncorporated (13) Provider of BusinessSpend Managementsoftware First lien seniorsecured loan 9.09% SOFR (Q) 5.25% 03/2023 02/2030 8.9 8.9 8.9 (2)(9) See accompanying notes to consolidated financial statements. F-9
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Databricks, Inc. (13) Cloud-based dataand AI platform thathelps companiesscale and managedata First lien seniorsecured loan 8.27% SOFR (M) 4.50% 12/2024 01/2031 0.1 0.1 0.1 (2) Datix Bidco Limitedand RL DatixHoldings (USA), Inc.(13) Global healthcaresoftware companythat providessoftware solutionsfor patient safetyand riskmanagement First lien seniorsecured loan 8.73% SOFR (S) 5.00% 04/2024 04/2031 104.6 104.6 104.6 (2)(6)(9) First lien seniorsecured loan 8.97% SONIA (S) 5.25% 04/2024 04/2031 57.1 53.1 57.1 (2)(6)(9) 157.7 161.7 Digicert, Inc., DcertBuyer, Inc., DCertPreferred Holdings,Inc. and DestinyDigital Holdings, L.P.(13) Provider of internetsecurity tools andsolutions First lien seniorsecured loan 9.47% SOFR (M) 5.75% 07/2025 07/2030 124.7 123.0 122.9 (2)(9) Second liensenior securedloan 10.72% SOFR (M) 7.00% 05/2022 02/2029 20.3 18.1 18.1 (2)(16) Series A preferredshares 10.50%PIK 05/2021 129,822 208.0 178.9 (2) Series A units 05/2021 817,194 13.3 15.1 (2) 362.4 335.0 Diligent Corporationand DiligentPreferred Issuer, Inc.(13) Provider of secureSaaS solutions forboard andleadership teamdocuments First lien seniorsecured revolvingloan 8.75% SOFR (Q) 5.00% 04/2024 08/2030 0.5 0.5 0.5 (2)(9)(12) First lien seniorsecured loan 8.82% SOFR (Q) 5.00% 04/2024 08/2030 23.5 23.4 23.3 (2)(9) Preferred stock 10.50%PIK 04/2021 13,140 20.6 20.3 (2) 44.5 44.1 Doxim Inc. (13) Enterprise contentmanagementprovider First lien seniorsecured revolvingloan 09/2025 11/2027 — — — (2)(6)(11) First lien seniorsecured loan 10.22% SOFR (M) 6.50% 09/2025 11/2027 84.7 84.7 83.9 (2)(6)(9) 84.7 83.9 DriveCentricHoldings, LLC (13) Provider of CRMsoftware to theautomotivedealership industry First lien seniorsecured loan 8.19% SOFR (Q) 4.50% 08/2024 08/2031 12.1 12.1 12.1 (2)(9) First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 07/2025 08/2031 11.6 11.6 11.6 (2)(9) 23.7 23.7 Echo Purchaser, Inc.(13) Software providerof mission criticalsecurity, supplychain, andcollaborationsolutions for highlyregulated endmarkets First lien seniorsecured loan 9.22% SOFR (M) 5.50% 11/2023 11/2029 11.3 11.3 11.3 (2)(9) Eclipse Topco, Inc.,Eclipse InvestorParent, L.P. andEclipse Buyer, Inc.(13) Payment processingsolution provider First lien seniorsecured loan 8.25% SOFR (M) 4.50% 09/2024 09/2031 96.1 96.1 96.1 (2)(9) Preferred units 12.50%PIK 09/2024 656 7.7 7.7 (2) Class A commonunits 09/2024 563 0.6 0.6 (2) 104.4 104.4 Edition Holdings,Inc. and Enverus, Inc.(13) SaaS based businessanalytics companyfocused on oil andgas industry First lien seniorsecured loan 8.20% SOFR (M) 4.50% 12/2025 12/2032 63.1 63.1 62.9 (2)(9) See accompanying notes to consolidated financial statements. F-10
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Edmunds Govtech, Inc.(13) Provider of ERPsoftware solutionsfor localgovernments First lien seniorsecured revolvingloan 7.42% SOFR (Q) 3.75% 02/2024 02/2030 1.7 1.7 1.7 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 02/2024 02/2031 8.5 8.5 8.5 (2)(9) 10.2 10.2 Einstein Parent, Inc.(13) Provider of SaaSbased collaborativework managementsoftware First lien seniorsecured loan 10.36% SOFR (Q) 6.50% 01/2025 01/2031 45.9 45.9 45.9 (2)(9) Elemica Parent, Inc. &EZ Elemica Holdings,Inc. (13) SaaS based supplychain managementsoftware providerfocused onchemical markets First lien seniorsecured revolvingloan 9.50% SOFR (Q) 5.50% 05/2024 09/2026 6.8 6.8 6.8 (2)(9) First lien seniorsecured loan 9.53% SOFR (Q) 5.50% 09/2019 09/2026 59.3 59.3 59.3 (2)(9) First lien seniorsecured loan 9.56% SOFR (Q) 5.50% 12/2020 09/2026 5.6 5.6 5.6 (2)(9) First lien seniorsecured loan 9.53% SOFR (Q) 5.50% 05/2024 09/2026 4.9 4.9 4.9 (2)(9) Preferred equity 09/2019 4,599 4.6 7.1 (2) 81.2 83.7 EP Purchaser, LLC andTPG VIII EP Co-InvestII, L.P. Provider ofentertainmentworkforce andproductionmanagementsolutions First lien seniorsecured loan 8.44% SOFR (Q) 4.50% 06/2023 11/2028 50.0 49.8 36.5 (2)(9) Partnership units 05/2019 5,034,483 3.0 4.9 (2)(6) 52.8 41.4 eResearchTechnology,Inc. and Astorg VII Co-Invest ERT (13) Provider ofmission-critical,software-enabledclinical researchsolutions First lien seniorsecured loan 8.47% SOFR (M) 4.75% 01/2025 01/2032 181.9 181.9 181.9 (2)(9) Limitedpartnershipinterest 01/2020 3,988,000 4.5 10.1 (2)(6) 186.4 192.0 ESHA Intermediate,LLC (13) Provider ofnutritionalinformation andsoftware as aservices (SaaS)compliancesolutions First lien seniorsecured loan 8.44% SOFR (Q) 4.75% 12/2025 12/2032 22.3 22.3 22.2 (2)(9) Extrahop Networks,Inc. (13) Provider of real-time wire dataanalytics solutionsfor application andinfrastructuremonitoring First lien seniorsecured revolvingloan 10.33% SOFR (M) 6.50% 03/2024 07/2027 2.6 2.6 2.6 (2)(9) First lien seniorsecured loan 10.32% SOFR (M) 6.50% 07/2021 07/2027 35.1 35.1 35.1 (2)(9) First lien seniorsecured loan 10.32% SOFR (M) 6.50% 03/2023 07/2027 3.9 3.9 3.9 (2)(9) 41.6 41.6 Finastra USA, Inc., DHCorporation/SocieteDH, and FinastraEurope S.A R.L. Provider of back-office softwareservices for thebanking sector First lien seniorsecured loan 10.97% SOFR (Q) 7.25% 09/2023 09/2029 52.1 51.4 52.6 (2)(6)(9) Flexera Software LLC(13) Provider of IT assetmanagement, SaaSmanagement andcloud optimizationsoftware productsto enterprises First lien seniorsecured loan 8.60% SOFR (Q) 4.75% 08/2025 08/2032 18.6 18.6 18.5 (2)(9) First lien seniorsecured loan 6.43% Euribor(M) 4.50% 08/2025 08/2032 6.8 6.8 6.8 (2)(9) First lien seniorsecured loan 8.44% SOFR (Q) 4.75% 12/2025 08/2032 120.4 120.4 120.1 (2)(9) 145.8 145.4 See accompanying notes to consolidated financial statements. F-11
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets ForescoutTechnologies, Inc.(13) Network accesscontrol solutionsprovider First lien seniorsecured loan 8.24% SOFR (A) 4.50% 12/2025 05/2032 37.1 37.1 37.1 (2)(9) GHP-VGS PurchaserLLC (13) Provider ofassessment softwareand third partyappraisal services First lien seniorsecured loan 8.59% SOFR (Q) 4.75% 04/2025 04/2032 14.3 14.3 14.3 (2)(9) GI RangerIntermediate LLC(13) Provider of paymentprocessing servicesand software tohealthcare providers First lien seniorsecured revolvingloan 9.82% SOFR (Q) 6.00% 10/2021 10/2027 0.5 0.5 0.5 (2)(9) First lien seniorsecured loan 9.82% SOFR (Q) 6.00% 10/2021 10/2028 9.9 9.9 9.4 (2)(9) First lien seniorsecured loan 9.82% SOFR (Q) 6.00% 03/2022 10/2028 3.1 3.1 2.9 (2)(9) 13.5 12.8 Goldeneye Parent,LLC (13) Provider of clinicaltrial financialsolutions First lien seniorsecured loan 8.47% SOFR (M) 4.75% 03/2025 03/2032 17.3 17.3 17.3 (2)(9) Guidepoint SecurityHoldings, LLC (13) Cybersecuritysolutions provider First lien seniorsecured loan 8.97% SOFR (M) 5.25% 10/2023 10/2029 6.6 6.6 6.6 (2)(9) First lien seniorsecured loan 8.97% SOFR (M) 5.25% 12/2024 10/2029 2.4 2.4 2.4 (2)(9) First lien seniorsecured loan 8.97% SOFR (M) 5.25% 10/2025 10/2029 7.9 7.9 7.9 (2)(9) 16.9 16.9 Heavy ConstructionSystems Specialists,LLC (13) Provider ofconstructionsoftware First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 11/2021 11/2028 0.1 0.1 0.1 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 03/2024 11/2028 13.8 13.8 13.8 (2)(9) 13.9 13.9 HS Purchaser, LLC,and Help/SystemsHoldings, Inc. (13) Provider of IToperationsmanagement andcybersecuritysoftware First lien seniorsecured loan 10.37% SOFR (Q) 6.50% 11/2025 05/2029 62.5 62.5 59.1 (2)(9) Huskies Parent, Inc.,GI Insurity ParentLLC and GI InsurityTopCo LP (13) Insurance softwareprovider First lien seniorsecured revolvingloan 9.32% SOFR (M) 5.50% 11/2021 11/2029 3.7 3.7 3.7 (2)(9) First lien seniorsecured loan 9.82%(0.50%PIK) SOFR (M) 6.00% 11/2021 11/2029 58.6 58.6 58.0 (2)(9) First lien seniorsecured loan 9.82% SOFR (M) 6.00% 10/2025 11/2029 5.4 5.4 5.3 (2)(9) Seniorsubordinated loan 10.00%PIK 11/2021 11/2031 133.9 133.9 121.8 (2) Company units 11/2021 4,246,457 8.8 3.7 (2) 210.4 192.5 Hyland Software, Inc.(13) Enterprise contentmanagementsoftware provider First lien seniorsecured loan 8.67% SOFR (Q) 5.00% 09/2023 09/2030 95.6 94.6 95.6 (2)(9) Hyphen Solutions,LLC (13) Provider ofresidentialconstruction supplychain managementsoftware First lien seniorsecured loan 8.22% SOFR (M) 4.50% 08/2025 08/2032 12.0 11.9 11.9 (2)(9) iCapital, Inc. Provider of platformsolutions thatincrease access toalternativeinvestments forinstitutionalinvestors and wealthmanagers Common stock 04/2025 71,430 1.0 1.1 (2) Icefall Parent, Inc.(13) Provider ofcustomerengagementsoftware andintegrated paymentssolutions First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 01/2024 01/2030 4.0 4.0 4.0 (2)(9) ID.me, LLC andID.me, Inc. (13) Provider of remotedigital identityverificationsolutions First lien seniorsecured loan 10.25%(5.25%PIK) 01/2025 01/2031 126.4 118.3 119.7 (2) See accompanying notes to consolidated financial statements. F-12
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Series E preferredunits 08/2025 10,827,926 16.0 16.6 (2) Warrant topurchase sharesof common stock 01/2025 01/2035 6,924,708 9.6 10.6 (2) 143.9 146.9 Internet TruckstopGroup LLC (13) Provider of freight-moving lifecyclesoftware First lien seniorsecured loan 9.07% SOFR (Q) 5.25% 06/2024 04/2027 39.5 39.3 39.5 (2)(9) IQN Holding Corp.(13) Provider ofextended workforcemanagementsoftware First lien seniorsecured revolvingloan 8.93% SOFR (Q) 5.25% 05/2022 05/2028 1.5 1.5 1.5 (2)(9) First lien seniorsecured loan 9.42%(3.13%PIK) SOFR (Q) 5.75% 05/2022 05/2029 1.4 1.4 1.4 (2)(9) 2.9 2.9 JAMS Holdings LPand Jams Buyer LLC(13) Provider of IToperationsmanagement andcybersecuritysoftware First lien seniorsecured loan 9.17% SOFR (Q) 5.50% 06/2025 06/2032 14.4 14.4 14.4 (2)(9) Preferred units 8.00%PIK 06/2025 1,001,000 1.0 1.4 (2) 15.4 15.8 Jeppesen Holdings,LLC (13) Provider of aviationsoftware solutions First lien seniorsecured loan 8.59% SOFR (Q) 4.75% 10/2025 11/2032 14.0 14.0 13.9 (2)(9) Kairos Bidco Limited(13) Provider of financialdata analyticssoftware First lien seniorsecured revolvingloan 8.42% SOFR (Q) 4.75% 07/2025 07/2032 0.3 0.3 0.3 (2)(6)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 07/2025 07/2032 24.8 24.8 24.6 (2)(6)(9) 25.1 24.9 Kaseya Inc. andKnockoutIntermediateHoldings I Inc. Provider of cloud-based software andtechnologysolutions for smalland medium sizedbusinesses Preferred stock 14.35%PIK SOFR (S) 10.75% 06/2022 21,289 34.1 34.1 (2)(9) LeanTaaS Holdings,Inc. (13) Provider of SaaStools to optimizehealthcare assetutilization First lien seniorsecured loan 11.42% SOFR (Q) 7.75% 07/2022 07/2028 72.1 72.1 72.1 (2)(9) First lien seniorsecured loan 11.17% SOFR (Q) 7.50% 10/2025 07/2028 1.7 1.7 1.7 (2)(9) 73.8 73.8 Majesco and MagicTopco, L.P. (13) Insurance softwareprovider First lien seniorsecured loan 8.47% SOFR (W) 4.75% 09/2020 09/2028 17.9 17.9 17.9 (2)(9) Class A units 9.00%PIK 09/2020 2,539 4.0 6.8 (2) Class B units 09/2020 570,625 — — (2) 21.9 24.7 Merit SoftwareFinance Holdings,LLC (13) Vertical softwarebusinesses holdingcompany First lien seniorsecured loan 8.94% SOFR (Q) 5.25% 12/2025 12/2032 24.5 24.5 24.3 (2)(9) Metatiedot Bidco OYand Metatiedot US,LLC (13) Enterprise contentmanagementplatform First lien seniorsecured revolvingloan 7.06% Euribor (Q) 5.00% 11/2024 11/2030 1.7 1.7 1.7 (2)(6)(9) First lien seniorsecured loan 7.07% Euribor (Q) 5.00% 11/2024 11/2031 8.9 8.1 8.9 (2)(6)(9) First lien seniorsecured loan 8.82% SOFR (Q) 5.00% 11/2024 11/2031 5.2 5.2 5.2 (2)(6)(9) 15.0 15.8 MimecastBorrowerco, Inc. andMagnesium Co-Invest SCSp Cybersecuritysolutions provider First lien seniorsecured loan 8.22% SOFR (M) 4.50% 05/2022 05/2029 14.2 14.2 14.2 (2)(6)(9) First lien seniorsecured loan 8.22% SONIA (Q) 4.50% 05/2022 05/2029 37.6 34.5 37.6 (2)(6)(9) First lien seniorsecured loan 8.22% SOFR (M) 4.50% 03/2024 05/2029 5.1 5.1 5.1 (2)(6)(9) See accompanying notes to consolidated financial statements. F-13
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Limitedpartnershipinterest 05/2022 3,975 39.8 48.6 (2)(6) 93.6 105.5 Ministry BrandsHoldings, LLC andRCP MB InvestmentsB, L.P. (13) Software andpayment servicesprovider to faith-based institutions First lien seniorsecured revolvingloan 11.25% Base Rate(Q) 4.50% 12/2021 12/2027 0.7 0.7 0.7 (2)(9)(12) First lien seniorsecured loan 9.32% SOFR (M) 5.50% 12/2021 12/2028 38.6 38.6 37.8 (2)(9) Limited partnerinterests 12/2021 9,574,000 9.6 5.8 (2) 48.9 44.3 ML Holdco, Inc. (13) Cloud-based, SaaSlending solutionsprovider to financialinstitutions First lien seniorsecured loan 8.37% SOFR (Q) 4.50% 10/2025 10/2032 89.6 89.6 89.1 (2)(9) ModernizingMedicine, Inc. andModMed SoftwareMidco Holdings, Inc.(13) Provider of practicemanagement, EHR,and RCM softwareto medicalspecialists First lien seniorsecured loan 8.42%(2.25%PIK) SOFR (Q) 4.75% 04/2025 04/2032 70.5 70.5 70.5 (2)(9) Series A preferredstock 13.00%PIK 04/2025 24,499 26.7 26.7 (2) 97.2 97.2 MoonrakerAcquisitionCo LLCand MoonrakerHoldCo LLC (13) Leading technologysolution providerfor casing andauditioning to theentertainmentindustry First lien seniorsecured loan 9.45% SOFR (S) 5.75% 08/2022 08/2028 23.9 23.9 23.9 (2)(9) Class A units 8.00%PIK 08/2022 45,320 5.9 4.1 29.8 28.0 Motor VehicleSoftware Corporation(13) Provider ofelectronicregistration andtitling software toauto dealers First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 01/2025 01/2032 10.3 10.3 10.3 (2)(9) MRI Software LLC(13) Provider of realestate andinvestmentmanagementsoftware First lien seniorsecured revolvingloan 8.44% SOFR (Q) 4.75% 02/2020 02/2028 0.9 0.9 0.9 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 02/2020 02/2028 4.0 4.0 4.0 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 08/2020 02/2028 4.7 4.7 4.7 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 10/2025 02/2028 0.6 0.6 0.6 (2)(9) 10.2 10.2 Netsmart, Inc. andNetsmartTechnologies, Inc.(13) Developer andoperator of healthcare software andtechnologysolutions First lien seniorsecured loan 8.92%(2.70%PIK) SOFR (M) 5.20% 08/2024 08/2031 33.1 33.1 33.1 (2)(9) First lien seniorsecured loan 8.92%(2.70%PIK) SOFR (M) 5.20% 11/2025 08/2031 27.8 27.8 27.8 (2)(9) 60.9 60.9 North StarAcquisitionco, LLCand Toucan BidcoLimited (13) Literacy solutionsoftware providerfor grades k-12 First lien seniorsecured loan 8.64% NIBOR(M) 4.50% 04/2024 05/2029 6.2 5.7 6.2 (2)(6) First lien seniorsecured loan 8.27% SONIA (M) 4.50% 04/2024 05/2029 5.5 5.3 5.6 (2)(6) First lien seniorsecured loan 8.22% SOFR (M) 4.50% 04/2024 05/2029 11.9 11.9 11.9 (2)(6)(9) 22.9 23.7 See accompanying notes to consolidated financial statements. F-14
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Omnigo Software,LLC, OmnigoSoftware - I, Inc., andOmnigo Software - Q,Inc. (13) Provider of publicsafety, incidentreporting, andsecuritymanagementsolutions forenterprises First lien seniorsecured loan 8.70% SOFR (Q) 5.00% 12/2025 12/2030 13.7 13.7 13.7 (2)(9) Optimizely NorthAmerica Inc. andOptimizely SwedenHoldings AB (13) Provider of webcontentmanagement anddigital commercesolutions First lien seniorsecured loan 8.72% SOFR (M) 5.00% 10/2024 10/2031 5.6 5.6 5.6 (2)(6)(9) First lien seniorsecured loan 7.15% Euribor(M) 5.25% 10/2024 10/2031 2.2 2.0 2.2 (2)(6)(9) First lien seniorsecured loan 9.22% SONIA (M) 5.50% 10/2024 10/2031 1.0 0.9 0.9 (2)(6)(9) 8.5 8.7 PCMI Parent, LLCand PCMI UltimateHoldings, LP (13) Developer andprovider ofadministrationsoftware formanaging servicecontracts andextended warrantyproducts First lien seniorsecured loan 9.21% SOFR (Q) 5.50% 03/2025 03/2032 21.1 21.1 21.1 (2)(9) First lien seniorsecured loan 9.21% SOFR (Q) 5.50% 11/2025 03/2032 15.1 15.1 15.1 (2)(9) Class A units 9.00%PIK 03/2025 1,014 1.1 1.3 (2) Class B units 03/2025 241,447 — — (2) 37.3 37.5 PDDS HoldCo, Inc.(13) Provider of cloud-based dentalpracticemanagementsoftware First lien seniorsecured loan 9.72% SOFR (M) 6.00% 10/2025 09/2031 13.8 13.6 13.6 (2)(9) PDI TA Holdings,Inc., Peachtree Parent,Inc. and Insight PDIHoldings, LLC (13) Provider ofenterprisemanagementsoftware for theconvenience retailand petroleumwholesale market First lien seniorsecured revolvingloan 9.34% SOFR (Q) 5.50% 02/2024 02/2031 1.8 1.8 1.8 (2)(9) First lien seniorsecured loan 9.34% SOFR (Q) 5.50% 01/2024 02/2031 8.8 8.8 8.8 (2)(9) Series A preferredstock 13.25%PIK 03/2019 13,656 33.2 33.5 (2) Class A units 03/2019 2,062,493 2.1 4.7 (2) 45.9 48.8 Petvisor Holdings,LLC (13) Provider ofveterinarian-focusedSaaS solutions First lien seniorsecured revolvingloan 11.25% Base rate(Q) 4.50% 06/2022 11/2029 1.3 1.3 1.3 (2)(9) First lien seniorsecured loan 9.17% SOFR (Q) 5.50% 06/2022 11/2029 6.0 6.0 6.0 (2)(9) First lien seniorsecured loan 9.17% SOFR (Q) 5.50% 11/2023 11/2029 13.6 13.6 13.6 (2)(9) 20.9 20.9 Pluralsight, LLC andPluralsight Holdings,LLC andParadigmatic HoldcoLLC (4)(13) Online educationlearning platform First lien seniorsecured loan 8.32%(1.50%PIK) SOFR (Q) 4.50% 08/2024 08/2029 21.7 21.7 21.7 (2)(9) First lien seniorsecured loan 08/2024 08/2029 22.2 21.9 18.4 (2)(8) Common units 08/2024 6,356,812 14.3 — (2) 57.9 40.1 PoseidonIntermediateCo, Inc.(13) Provider of practicemanagementsoftware to lawfirms First lien seniorsecured loan 8.23% SOFR (M) 4.50% 06/2025 06/2032 28.1 28.1 28.1 (2)(9) See accompanying notes to consolidated financial statements. F-15
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets PracticeTekPurchaser, LLC,PracticeTek MidCo,LLC and GSVPracticeTekHoldings, LLC (13) Software providerfor medicalpractitioners First lien seniorsecured revolvingloan 8.22% SOFR (M) 4.50% 08/2023 08/2029 0.5 0.5 0.5 (2)(9) First lien seniorsecured loan 9.47% SOFR (M) 5.75% 08/2023 08/2029 36.2 36.2 36.2 (2)(9) Seniorsubordinated loan 14.00%PIK 08/2023 08/2030 53.7 53.7 53.7 (2) Class A units 8.00%PIK 03/2021 33,220,282 28.1 32.4 (2) 118.5 122.8 Project Potter Buyer,LLC and ProjectPotter Parent, L.P.(13) Software solutionsprovider to theready-mix concreteindustry First lien seniorsecured revolvingloan 06/2025 04/2027 — — — (2)(11) First lien seniorsecured loan 8.92% SOFR (Q) 5.25% 04/2020 04/2027 42.3 42.3 42.3 (2)(9) First lien seniorsecured loan 8.92% SOFR (Q) 5.25% 10/2020 04/2027 0.1 0.1 0.1 (2)(9) First lien seniorsecured loan 8.92% SOFR (Q) 5.25% 11/2020 04/2027 11.6 11.6 11.6 (2)(9) First lien seniorsecured loan 8.92% SOFR (Q) 5.25% 07/2024 04/2027 17.7 17.7 17.7 (2)(9) First lien seniorsecured loan 8.92% SOFR (Q) 5.25% 06/2025 04/2027 25.6 25.6 25.6 (2)(9) Class B units 04/2020 588,636 — 3.3 (2) 97.3 100.6 Proofpoint, Inc. (13) Cybersecuritysolutions provider First lien seniorsecured loan 6.92% SOFR (M) 3.00% 06/2021 08/2028 1.0 0.9 1.0 (2)(9)(16) Second liensenior securedloan 7.66% Euribor(M) 5.75% 12/2025 12/2033 53.5 52.5 53.0 (2) Second liensenior securedloan 9.53% SOFR (M) 5.75% 12/2025 12/2033 52.1 51.6 51.6 (2) 105.0 105.6 QBS Parent, Inc. (13) Provider of verticalsoftware solutionsand relatedimplementation,migration, andintegration services First lien seniorsecured revolvingloan 8.22% SOFR (M) 4.50% 11/2024 06/2032 0.1 0.1 0.1 (2)(9)(12) First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 11/2024 06/2032 15.3 15.3 15.3 (2)(9) 15.4 15.4 QF Holdings, Inc.(13) SaaS basedelectronic healthrecord softwareprovider First lien seniorsecured loan 8.19% SOFR (A) 4.50% 12/2025 12/2032 46.9 46.9 46.7 (2)(9) Raptor Technologies,LLC, SycamoreBidco LTD andRocket Parent, LLC(13) Provider of SaaS-based safety andsecurity software tothe K-12 schoolmarket First lien seniorsecured revolvingloan 8.44% SOFR (Q) 4.75% 10/2021 10/2027 3.8 3.8 3.8 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 10/2021 10/2028 8.3 8.3 8.3 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 04/2023 10/2028 0.1 0.1 0.1 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 05/2024 10/2028 8.0 8.0 8.0 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 12/2024 10/2028 24.8 24.8 24.8 (2)(9) Class A commonunits 12/2018 2,880,582 3.5 19.5 48.5 64.5 Regent Education,Inc. Provider of softwaresolutions designedto optimize thefinancial aid andenrollment processes Warrant topurchase sharesof common stock 12/2016 12/2026 5,394,181 — — See accompanying notes to consolidated financial statements. F-16
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Relativity ODA LLC(13) Electronic discoverydocument reviewsoftware platformfor use in litigationsand investigations First lien seniorsecured loan 8.22% SOFR (M) 4.50% 07/2024 05/2029 6.6 6.6 6.6 (2)(9) Revalize, Inc. (13) Developer andoperator of softwareprovidingconfiguration, priceand quotecapabilities First lien seniorsecured revolvingloan 10.07%(1.75%PIK) SOFR (Q) 6.25% 05/2022 04/2029 0.6 0.6 0.5 (2)(9) First lien seniorsecured loan 10.32%(1.75%PIK) SOFR (Q) 6.50% 05/2022 04/2029 0.7 0.7 0.6 (2)(9) 1.3 1.1 RMS HoldCo II,LLC & RMS GroupHoldings, Inc. (13) Developer ofrevenue cyclemanagementsolutions, processautomation,analytics andintegration for thehealthcare industry First lien seniorsecured loan 9.34% SOFR (Q) 5.50% 12/2021 12/2028 0.1 0.1 0.1 (2)(9) First lien seniorsecured loan 9.34% SOFR (Q) 5.50% 08/2022 12/2028 0.2 0.2 0.2 (2)(9) Class A commonstock 12/2021 566 5.5 2.2 (2) 5.8 2.5 Runway Bidco, LLC(13) Provider ofworkloadautomation software First lien seniorsecured loan 8.67% SOFR (Q) 5.00% 12/2024 12/2031 42.5 42.1 42.1 (2)(9) Sapphire SoftwareBuyer, Inc. (13) Provider ofapplication securitytesting solutions First lien seniorsecured loan 8.87% SOFR (S) 5.00% 09/2024 09/2031 31.5 31.5 31.5 (2)(9) Severin Acquisition,LLC (13) Provider of studentinformation systemsoftware solutions tothe K-12 educationmarket in NorthAmerica First lien seniorsecured loan 8.47%(2.25%PIK) SOFR (M) 4.75% 09/2024 10/2031 142.8 142.8 141.4 (2)(9) Smarsh Inc. andSkywalker TopCo,LLC (13) SaaS basedcommunicationarchival serviceprovider First lien seniorsecured revolvingloan 8.43% SOFR (Q) 4.75% 02/2022 02/2029 0.8 0.8 0.8 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 02/2022 02/2029 3.4 3.4 3.4 (2)(9) Common units 11/2020 1,742,623 6.3 8.6 (2) 10.5 12.8 SocialFlow, Inc. Social mediaoptimizationplatform provider Warrant topurchase sharesof Series Cpreferred stock 01/2016 01/2026 215,331 — — SoundCloud Limited Platform forreceiving, sending,and distributingmusic Common stock 08/2017 73,422 0.4 0.7 (2)(6) Spaceship Purchaser,Inc. (13) SaaS based websitebuilder and hostingplatform First lien seniorsecured revolvingloan 10/2025 10/2031 — — — (2)(11) First lien seniorsecured loan 7.92% SOFR (Q) 4.25% 10/2025 10/2031 74.8 74.8 74.8 (2)(9) 74.8 74.8 Spark Purchaser, Inc.(13) Software platformfor Medicareapplication process First lien seniorsecured loan 9.17% SOFR (Q) 5.50% 04/2024 04/2031 30.4 30.4 30.4 (2)(9) Spirit RR Holdings,Inc. and WinterfellCo-Invest SCSp (13) Provider of data,analytics, news, andworkflow tools tocustomers in thecounter-cyclicaldistressed debt space First lien seniorsecured revolvingloan 09/2022 09/2028 — — — (2)(11) First lien seniorsecured loan 8.27% SOFR (Q) 4.50% 09/2022 09/2028 2.5 2.5 2.5 (2)(9) First lien seniorsecured loan 8.27% SOFR (Q) 4.50% 12/2023 09/2028 1.6 1.6 1.6 (2)(9) See accompanying notes to consolidated financial statements. F-17
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets First lien seniorsecured loan 8.27% SOFR (Q) 4.50% 05/2025 09/2028 0.8 0.8 0.8 (2)(9) Limited partnerinterests 09/2022 1,010 10.2 21.5 (2) 15.1 26.4 Storable, Inc. andEQT IX Co-Investment (E) SCSP Paymentmanagement systemsolutions and webservices for the self-storage industry Limitedpartnershipinterests 04/2021 614,950 5.7 12.0 (2)(6) Sundance GroupHoldings, Inc. (13) Provider of cloud-based documentmanagement andcollaborationsolutions First lien seniorsecured revolvingloan 8.17% SOFR (Q) 4.50% 09/2024 07/2029 0.8 0.8 0.8 (2)(9) First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 09/2024 07/2029 4.0 4.0 4.0 (2)(9) 4.8 4.8 Superman Holdings,LLC (13) Provider of ERPsoftware for theconstructionindustry First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 08/2024 08/2031 22.2 22.2 22.2 (2)(9) TamarackIntermediate, L.L.C.and Tamarack Parent,L.L.C. (13) Provider ofenvironment, health,safety, andsustainabilitysoftware First lien seniorsecured loan 8.90% SOFR (Q) 5.00% 03/2022 03/2029 34.1 34.1 34.1 (2)(9) First lien seniorsecured loan 8.92% SOFR (Q) 5.00% 10/2023 03/2029 10.7 10.7 10.7 (2)(9) First lien seniorsecured loan 8.90% SOFR (Q) 5.00% 06/2024 03/2029 5.7 5.7 5.7 (2)(9) First lien seniorsecured loan 8.90% SOFR (Q) 5.00% 07/2025 03/2029 7.6 7.6 7.6 (2)(9) Class A-2 units 03/2022 5,057 5.1 7.7 63.2 65.8 TCP HawkerIntermediate LLC(13) Workforcemanagementsolutions provider First lien seniorsecured revolvingloan 7.42% SOFR (Q) 3.75% 11/2024 08/2029 3.4 3.4 3.4 (2)(9) First lien seniorsecured loan 8.67% SOFR (Q) 5.00% 08/2019 08/2029 50.2 50.2 50.2 (2)(9) First lien seniorsecured loan 8.67% SOFR (Q) 5.00% 11/2024 08/2029 2.0 2.0 2.0 (2)(9) 55.6 55.6 Three Rivers Buyer,Inc. (13) Developer of cloud-based software forgovernment entities First lien seniorsecured loan 8.60% SOFR (Q) 4.75% 11/2025 11/2031 5.7 5.7 5.7 (2)(9) Trading TechnologiesInternational, Inc.(13) Order and executionmanagementsoftware provider First lien seniorsecured loan 8.09% SOFR (Q) 4.25% 11/2025 11/2032 13.8 13.8 13.8 (2)(9) First lien seniorsecured loan 7.95% SOFR (Q) 4.25% 12/2025 11/2032 7.4 7.4 7.4 (2)(9) 21.2 21.2 Transit TechnologiesLLC (13) Provider oftransportationmanagementsoftware andspecialty telematicssolutions First lien seniorsecured loan 8.72% SOFR (S) 5.00% 08/2024 08/2031 12.2 12.2 12.2 (2)(9) First lien seniorsecured loan 8.23% SOFR (S) 4.50% 09/2025 08/2031 8.0 8.0 7.9 (2)(9) 20.2 20.1 UFS, LLC and BV-UFS Aggregator,LLC (13) Managed ITservices andbanking solutionsprovider tocommunity banks First lien seniorsecured revolvingloan 8.50% SOFR (M) 4.75% 10/2025 10/2031 0.7 0.7 0.7 (2)(9) First lien seniorsecured loan 8.50% SOFR (M) 4.75% 10/2025 10/2031 36.3 36.3 35.9 (2)(9) Limited partnerinterests 12/2025 506,537 0.5 0.5 37.5 37.1 See accompanying notes to consolidated financial statements. F-18
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets UKG Inc. and H&FUnite Partners, L.P. Provider of cloudbased HCMsolutions forbusinesses Limitedpartnershipinterests 05/2019 12,583,556 12.6 31.9 (2)(6) UserZoomTechnologies, Inc. User experienceresearch automationsoftware First lien seniorsecured loan 11.63% SOFR (Q) 7.50% 02/2023 04/2029 5.8 5.8 5.7 (2)(9) Vamos Bidco, Inc.(13) Provider of softwareand data services tothe alcoholicbeverage industry First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 01/2025 01/2032 18.1 18.1 17.9 (2)(9) Victors Purchaser,LLC and WP VictorsCo-Investment, L.P.(13) Third-partymaintenanceprovider forhardware and datacenter infrastructure First lien seniorsecured revolvingloan 8.23% SOFR (Q) 4.50% 08/2024 12/2032 1.4 1.4 1.4 (2)(9) First lien seniorsecured loan 8.19% SOFR (Q) 4.50% 08/2024 12/2032 6.6 6.6 6.6 (2)(9) First lien seniorsecured loan 8.19% SOFR (Q) 4.50% 12/2025 12/2032 39.1 39.1 39.0 (2)(9) Partnership units 08/2024 4,867,968 4.9 11.3 (2) 52.0 58.3 Viper Bidco, Inc. (13) Provider of SaaSbased supply chainrisk managementsolutions First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 11/2024 11/2031 5.5 5.5 5.5 (2)(9) First lien seniorsecured loan 8.47% SONIA (Q) 4.75% 11/2024 11/2031 11.0 10.3 11.0 (2)(9) 15.8 16.5 WebPT, Inc. andWPT IntermediateHoldco, Inc. (13) Electronic medicalrecord softwareprovider First lien seniorsecured revolvingloan 10.20% SOFR (Q) 6.25% 08/2019 01/2028 0.7 0.7 0.7 (2)(9) First lien seniorsecured loan 10.17% SOFR (Q) 6.25% 08/2019 01/2028 0.1 0.1 0.1 (2)(9) Seniorsubordinated loan 13.25%PIK 05/2024 05/2029 74.4 74.4 66.2 (2) 75.2 67.0 Wellington Bidco Inc.and WellingtonTopCo LP (13) Provider of ERPand paymentssoftware for localgovernments First lien seniorsecured revolvingloan 8.42% SOFR (Q) 4.75% 06/2024 06/2030 0.6 0.6 0.6 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 06/2024 06/2030 6.1 6.1 6.1 (2)(9) Class A-2preferred units 06/2024 2,323,000 2.4 2.8 (2) 9.1 9.5 WellnessAcquisitionCo, Inc.(13) Provider of retailconsumer insightsand analytics formanufacturers andretailers in thenatural, organic andspecialty productsindustry First lien seniorsecured revolvingloan 02/2025 01/2029 — — — (2)(11) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 02/2025 01/2029 18.3 18.3 18.3 (2)(9) 18.3 18.3 WorkWaveIntermediate II, LLC(13) Provider of cloud-based field servicesand fleetmanagementsolutions First lien seniorsecured revolvingloan 9.44% SOFR (Q) 5.75% 09/2025 09/2032 0.7 0.7 0.7 (2)(9) First lien seniorsecured loan 9.94%(3.13%PIK) SOFR (Q) 6.25% 09/2025 09/2032 144.0 144.0 142.5 (2)(9) 144.7 143.2 ZenDesk, Inc., ZoroTopCo, Inc. and ZoroTopCo, LP (13) Provider of cloud-based customersupport solutions First lien seniorsecured loan 8.69% SOFR (Q) 5.00% 12/2022 11/2028 36.2 36.2 36.2 (2)(9) Series A preferredstock 13.50%PIK SOFR (Q) 9.50% 11/2022 8,997 13.4 13.4 (2)(9) Class A commonunits 11/2022 269,100 2.7 2.6 (2) 52.3 52.2 See accompanying notes to consolidated financial statements. F-19
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets 7,030.9 7,032.3 49.12% Financial Services Aduro Advisors, LLC(13) Provider of fundadministrationservices First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 07/2024 07/2030 8.2 8.2 8.2 (2)(9) BCC BlueprintHoldings I, LLC andBCC BlueprintInvestments, LLC Provider ofcomprehensive suiteof investmentmanagement andwealth planningsolutions First lien seniorsecured loan 10.60% SOFR (Q) 6.75% 09/2021 09/2027 0.2 0.2 0.2 (2)(9) Seniorsubordinated loan 10.44% SOFR (Q) 6.75% 12/2025 12/2031 16.0 16.0 16.0 (2)(9) Seniorsubordinated loan 9.30%PIK 09/2021 09/2026 6.6 6.6 6.6 (2) Common units 09/2021 6,833,284 6.8 8.2 (2) 29.6 31.0 Beacon PointeHarmony, LLC (13) Provider ofcomprehensivewealth managementservices First lien seniorsecured loan 8.22% SOFR (M) 4.50% 12/2021 12/2028 9.5 9.5 9.5 (2)(6)(9) First lien seniorsecured loan 8.22% SOFR (M) 4.50% 07/2023 12/2028 3.8 3.8 3.8 (2)(6)(9) First lien seniorsecured loan 8.24% SOFR (Q) 4.50% 06/2024 12/2028 10.0 10.0 10.0 (2)(6)(9) 23.3 23.3 Clearstead Advisors,LLC (13) A leading wealthmanagement firmfocused on servinginstitutional andhigh net-worthprivate clients First lien seniorsecured revolvingloan 8.22% SOFR (M) 4.50% 05/2025 02/2028 0.3 0.3 0.3 (2)(6)(9) First lien seniorsecured loan 8.23% SOFR (Q) 4.50% 05/2025 02/2028 8.4 8.4 8.4 (2)(6)(9) 8.7 8.7 Convera InternationalHoldings Limited andConvera InternationalFinancial S.A R.L.(13) Provider of B2Binternationalpayment and FXrisk managementsolutions First lien seniorsecured loan 8.44% SOFR (Q) 4.75% 03/2022 03/2030 44.0 44.0 44.0 (2)(6)(9) First lien seniorsecured loan 8.44% SOFR (Q) 4.75% 06/2023 03/2030 4.7 4.7 4.7 (2)(6)(9) First lien seniorsecured loan 8.44% SOFR (Q) 4.75% 11/2024 03/2030 10.0 10.0 10.0 (2)(6)(9) 58.7 58.7 CrossCountryMortgage, LLC andCrossCountryHoldco, LLC Mortgage companyoriginating loans inthe retail andconsumer directchannels Series D preferredunits 11/2023 90,577 24.9 31.9 Series B-3 units 08/2025 11,069 3.1 3.9 28.0 35.8 eCapital FinanceCorp. Consolidator ofcommercial financebusinesses Seniorsubordinated loan 11.22% SOFR (M) 7.25% 01/2020 09/2029 56.0 55.4 56.0 (2)(9) Seniorsubordinated loan 11.22% SOFR (M) 7.25% 11/2020 09/2029 5.4 5.3 5.4 (2)(9) Seniorsubordinated loan 11.22% SOFR (M) 7.25% 01/2022 09/2029 24.3 24.1 24.3 (2)(9) Seniorsubordinated loan 11.22% SOFR (M) 7.25% 04/2022 09/2029 55.8 55.2 55.8 (2)(9) Seniorsubordinated loan 11.22% SOFR (M) 7.25% 10/2023 09/2029 12.3 12.2 12.3 (2)(9) Seniorsubordinated loan 11.22% SOFR (M) 7.25% 10/2024 09/2029 42.1 41.8 42.1 (2)(9) Seniorsubordinated loan 11.22% SOFR (M) 7.25% 12/2024 09/2029 21.9 21.7 21.9 (2)(9) Seniorsubordinated loan 11.22% SOFR (M) 7.25% 09/2025 09/2029 5.8 5.8 5.8 (2)(9) 221.5 223.6 See accompanying notes to consolidated financial statements. F-20
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Endeavor Bidco LLCand Endeavor TopCo,Inc. Global securitiesfinance tradingplatform First lien seniorsecured loan 7.92% SOFR (Q) 4.25% 08/2024 08/2029 6.1 6.1 6.1 (2)(9) First lien seniorsecured loan 7.92% SOFR (Q) 4.25% 07/2025 08/2029 5.9 5.9 5.9 (2)(9) Class A commonunits 08/2024 1,859 1.9 2.9 13.9 14.9 GAPCO AIVInterholdco (CP),L.P. (13) Wealth managementand financialplanning firm Seniorsubordinated loan 10.42%PIK SOFR (Q) 6.75% 03/2025 03/2033 49.5 49.5 49.5 (2)(6)(9) Grit Buyer, Inc. andIntegrum Grit Co-Invest LP (13)(14) Specialized financeand accountingadvisory firm First lien seniorsecured loan 8.37% SOFR (Q) 4.50% 07/2025 07/2032 63.0 63.0 62.1 (2)(9) Limitedpartnershipinterests 07/2025 4,420,500 3.6 3.8 (2)(6) 66.6 65.9 GTCR F Buyer Corp.and GTCR (D)Investors LP (13)(14) Provider of end-to-end tech-enabledadministrativeservices to privatefoundations First lien seniorsecured loan 8.67% SOFR (Q) 5.00% 09/2023 09/2030 5.6 5.6 5.6 (2)(9) First lien seniorsecured loan 8.67% SOFR (Q) 5.00% 11/2024 09/2030 0.6 0.6 0.6 (2)(9) Limitedpartnershipinterests 09/2023 4,873,286 4.9 10.3 (2) 11.1 16.5 HighTower Holding,LLC Provider ofinvestment,financial andretirement planningservices Seniorsubordinated loan 6.75% 06/2022 04/2029 8.1 7.3 8.0 (2)(6)(16) Ivy Hill AssetManagement, L.P. (5) Asset managementservices Subordinatedrevolving loan 10.32% SOFR (Q) 6.50% 02/2018 01/2030 530.5 530.5 530.5 (6)(9) Member interest 06/2009 100.00% 1,700.5 1,903.4 (6) 2,231.0 2,433.9 Lido Advisors, LLCand LAL GroupHoldings, LLC (13) Wealth managementand financialplanning firm First lien seniorsecured revolvingloan 8.51% SOFR (M) 4.75% 06/2021 05/2032 1.8 1.8 1.8 (2)(9)(12) First lien seniorsecured loan 8.59% SOFR (Q) 4.75% 06/2021 05/2032 4.7 4.7 4.7 (2)(9) First lien seniorsecured loan 8.50% SOFR (Q) 4.75% 06/2023 05/2032 5.9 5.9 5.9 (2)(9) First lien seniorsecured loan 8.61% SOFR (Q) 4.75% 11/2024 05/2032 7.5 7.5 7.5 (2)(9) First lien seniorsecured loan 8.54% SOFR (Q) 4.75% 05/2025 05/2032 3.7 3.7 3.7 (2)(9) Class Z preferredunits 7.00%PIK 08/2025 9,671,180 10.3 10.0 Class A-0common units 08/2025 4,835,590 5.0 5.0 38.9 38.6 Mai CapitalManagementIntermediate LLC(13) Provider ofcomprehensivewealth managementservices andregisteredinvestment advisor First lien seniorsecured revolvingloan 8.43% SOFR (Q) 4.75% 08/2024 08/2031 0.4 0.4 0.4 (2)(6)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 08/2024 08/2031 13.1 13.1 13.1 (2)(6)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 06/2025 08/2031 2.1 2.1 2.1 (2)(6)(9) 15.6 15.6 MC Accelerate Co-Invest Feeder LP andMC CIF WealthManagement (UK)Ltd. Global wealthmanagement firm Z1 preferredshares 12.00%PIK 08/2025 08/2031 12,901 13.4 13.4 (2)(6) Z2 preferredshares 12.00%(6.00%PIK) 08/2025 08/2031 12,901 13.1 13.1 (2)(6) See accompanying notes to consolidated financial statements. F-21
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Membershipinterest 08/2025 1,000 — — (2)(6) 26.5 26.5 Medlar BidcoLimited (13) Provider of fund andcorporate services toalternative assetsindustry First lien seniorsecured loan 8.74% SONIA (Q) 5.00% 12/2024 05/2032 27.2 26.9 26.8 (2)(6) First lien seniorsecured loan 6.99% Euribor (Q) 5.00% 12/2024 05/2032 33.8 32.7 33.3 (2)(6) 59.6 60.1 Merit FinancialGroup, LLC andCWC Fund I Co-Invest (MFA) LP(13) Registeredinvestment adviserplatform First lien seniorsecured revolvingloan 10.75% Base Rate(Q) 4.00% 08/2025 08/2032 0.5 0.5 0.5 (2)(6)(9) First lien seniorsecured revolvingloan 8.67% SOFR (Q) 5.00% 08/2025 08/2032 1.3 1.3 1.2 (2)(6)(9) First lien seniorsecured loan 8.67% SOFR (Q) 5.00% 08/2025 08/2032 12.5 12.5 12.3 (2)(6)(9) Limitedpartnershipinterests 08/2025 4,655,000 4.7 4.7 (6) 19.0 18.7 Monica Holdco(US), Inc. (13) Investmenttechnology andadvisory firm First lien seniorsecured loan 9.07% SOFR (Q) 5.25% 01/2021 07/2030 2.5 2.5 2.5 (2)(6)(9) First lien seniorsecured loan 8.92% SOFR (Q) 5.25% 08/2024 07/2030 2.7 2.7 2.7 (2)(6)(9) First lien seniorsecured loan 9.07% SOFR (Q) 5.25% 07/2025 07/2030 4.2 4.2 4.2 (2)(6)(9) 9.4 9.4 Nexus Buyer LLC Provider of FDIC-insured depositplacement services Second liensenior securedloan 9.47% SOFR (M) 5.75% 08/2025 02/2032 124.9 123.8 123.4 (2)(16) Oak Funding LLC(13) Provider of wealthmanagementservices First lien seniorsecured loan 8.29% SOFR (Q) 4.50% 12/2025 12/2032 85.4 85.4 84.5 (2)(6)(9) Pathstone FamilyOffice LLC andKelso XI TailwindCo-Investment, L.P.(13)(14) Provider ofcomprehensivewealth managementservices andregisteredinvestment advisor First lien seniorsecured revolvingloan 8.82% SOFR (M) 5.00% 05/2023 05/2028 0.4 0.4 0.4 (2)(6)(9) First lien seniorsecured loan 8.82% SOFR (M) 5.00% 05/2023 05/2029 4.8 4.8 4.8 (2)(6)(9) First lien seniorsecured loan 8.82% SOFR (M) 5.00% 09/2023 05/2029 7.9 7.9 7.9 (2)(6)(9) First lien seniorsecured loan 8.82% SOFR (M) 5.00% 06/2024 05/2029 0.3 0.3 0.3 (2)(6)(9) First lien seniorsecured loan 8.82% SOFR (M) 5.00% 12/2024 05/2029 4.0 4.0 4.0 (2)(6)(9) Limitedpartnershipinterests 09/2023 1,965,100 2.0 2.8 (6) 19.4 20.2 PCIA SPV-3, LLCand ASE RoyalAggregator, LLC(13) Provider ofcomprehensivewealth managementservices First lien seniorsecured loan 8.92% SOFR (Q) 5.25% 08/2023 08/2029 8.8 8.8 8.8 (2)(6)(9) Preferred units 07/2023 6,431,667 6.5 8.4 (6) 15.3 17.2 PCS MidCo, Inc. andPCS Parent, L.P. (13) Provider of 401Krecordkeepingsoftware solutions First lien seniorsecured loan 9.42% SOFR (Q) 5.75% 03/2024 03/2030 8.5 8.5 8.5 (2)(9) Class A units 03/2024 785,000 0.8 0.9 (2) 9.3 9.4 See accompanying notes to consolidated financial statements. F-22
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Perigon WealthManagement, LLC,Perigon WealthAdvisors HoldingsCompany, LLC andCWC Fund I Co-Invest (Prism) LP(13) Wealth managementand financialplanning firm First lien seniorsecured loan 8.47% SOFR (M) 4.75% 03/2024 03/2031 3.7 3.7 3.7 (2)(6)(9) Limitedpartnershipinterest 03/2024 2,374,000 2.4 2.8 (6) 6.1 6.5 Petrus Buyer, Inc.(13) Provider of REITresearch data andanalytics First lien seniorsecured loan 8.39% SOFR (Q) 4.50% 11/2022 10/2029 6.5 6.5 6.5 (2)(9) First lien seniorsecured loan 8.59% SOFR (Q) 4.75% 02/2025 10/2029 1.2 1.2 1.2 (2)(9) 7.7 7.7 Rialto ManagementGroup, LLC (13) Investment and assetmanagementplatform focused onreal estate First lien seniorsecured revolvingloan 12/2024 12/2030 — — — (2)(6)(11) First lien seniorsecured loan 8.72% SOFR (M) 5.00% 12/2024 12/2030 22.9 22.8 22.9 (2)(6)(9) First lien seniorsecured loan 8.72% SOFR (M) 5.00% 12/2025 12/2030 5.9 5.9 5.9 (2)(6)(9) 28.7 28.8 RWA WealthPartners, LLC (13) Provider ofcomprehensivewealth managementservices First lien seniorsecured loan 8.61% SOFR (Q) 4.75% 11/2024 11/2030 9.2 9.2 9.2 (2)(6)(9) Steward PartnersGlobal Advisory,LLC, StewardPartners InvestmentAdvisory, LLC,Steward PartnersIntermediate II, LLC,and Steward PartnersNew Holdings, LLC(13) Wealth managementplatform First lien seniorsecured loan 8.47% SOFR (M) 4.75% 12/2023 10/2028 4.9 4.8 4.9 (2)(6)(9) First lien seniorsecured loan 8.47% SOFR (M) 4.75% 06/2025 10/2028 1.2 1.2 1.2 (2)(6)(9) Seniorsubordinated loan 11.00%PIK 12/2025 12/2032 23.7 21.3 20.8 (2)(6) Warrant topurchase shares ofcommon stock 12/2025 03/2026 129,164 2.5 2.5 (6) 29.8 29.4 The EdelmanFinancial Center,LLC Provider ofinvestment,financial andretirement planningservices Second lien seniorsecured loan 8.97% SOFR (M) 5.25% 05/2024 10/2028 0.1 0.1 0.1 (2)(6)(16) The Mather Group,LLC, TVG-TMGTopco, Inc., andTVG-TMG Holdings,LLC (13) Provider ofcomprehensivewealth managementservices First lien seniorsecured revolvingloan 11.00% Base rate(Q) 4.25% 03/2022 03/2028 0.1 0.1 0.1 (2)(6)(9) First lien seniorsecured loan 9.07% SOFR (Q) 5.25% 03/2022 03/2028 3.8 3.8 3.8 (2)(6)(9) First lien seniorsecured loan 9.07% SOFR (Q) 5.25% 05/2025 03/2028 0.5 0.5 0.5 (2)(6)(9) First lien seniorsecured loan 9.49% SOFR (Q) 5.50% 11/2025 03/2028 0.1 0.1 0.1 (2)(6)(9) Seniorsubordinated loan 12.00%PIK 03/2022 03/2029 4.3 4.3 4.3 (2)(6) Series A preferredunits 03/2022 7,199 7.2 7.2 (2)(6) Common units 03/2022 7,199 — 1.1 (2)(6) 16.0 17.1 The Ultimus GroupMidco, LLC, TheUltimus Group, LLC,and The UltimusGroup Aggregator,LP (13) Provider of asset-servicingcapabilities for fundmanagers First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 07/2025 07/2032 22.1 22.1 22.0 (2)(9) See accompanying notes to consolidated financial statements. F-23
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets TPG IX Cardiff DebtHoldCo I, LLC, TPGIX Cardiff DebtHoldco II, LLC, TPGIX Cardiff CI I, L.P.,and TPG IX CardiffCI II, L.P. Provider ofcomprehensivewealth managementservices First lien seniorsecured loan 9.96% SOFR (Q) 6.00% 01/2025 01/2033 11.4 11.4 11.4 (2)(6)(9) Limitedpartnershipinterest 11/2024 5,719,511 5.8 7.3 (2)(6) Limited partnerinterests 12/2025 636,664 0.6 0.6 (2)(6) 17.8 19.3 Waverly Advisors,LLC and WAAMTopco, LLC (13) Wealth managementand financialplanning firm First lien seniorsecured revolvingloan 9.57% SOFR (Q) 5.75% 03/2022 03/2028 0.8 0.8 0.8 (2)(6)(9) First lien seniorsecured loan 9.57% SOFR (Q) 5.75% 03/2022 03/2028 0.7 0.7 0.7 (2)(6)(9) First lien seniorsecured loan 9.32% SOFR (Q) 5.50% 03/2024 03/2028 5.0 5.0 5.0 (2)(6)(9) First lien seniorsecured loan 8.82% SOFR (Q) 5.00% 01/2025 03/2028 34.6 34.6 34.6 (2)(6)(9) Class A units 06/2023 1,584,539 2.3 6.0 (6) 43.4 47.1 Wealth EnhancementGroup, LLC (13) Wealth managementand financialplanning firm First lien seniorsecured loan 8.49% SOFR (Q) 4.50% 10/2019 10/2028 0.5 0.5 0.5 (2)(9) First lien seniorsecured loan 8.49% SOFR (Q) 4.50% 11/2020 10/2028 1.9 1.9 1.9 (2)(9) First lien seniorsecured loan 8.49% SOFR (Q) 4.50% 06/2021 10/2028 0.1 0.1 0.1 (2)(9) First lien seniorsecured loan 8.49% SOFR (Q) 4.50% 08/2021 10/2028 0.9 0.9 0.9 (2)(9) First lien seniorsecured loan 8.49% SOFR (Q) 4.50% 02/2024 10/2028 16.6 16.6 16.6 (2)(9) First lien seniorsecured loan 8.36% SOFR (Q) 4.50% 12/2024 10/2028 13.8 13.8 13.8 (2)(9) 33.8 33.8 Wellington-AltusFinancial Inc. (13)(14) Wealth managementand advisory firm First lien seniorsecured revolvingloan 08/2024 08/2030 — — — (2)(6)(11) First lien seniorsecured loan 7.55% CORRA(Q) 5.00% 08/2024 08/2030 0.8 0.8 0.8 (2)(6)(9) Common stock 08/2024 74,001 2.6 3.9 (2)(6) 3.4 4.7 Wharf Street RatingsAcquisition LLC (13) Global credit ratingagency First lien seniorsecured loan 8.47% SOFR (M) 4.75% 09/2025 09/2032 37.2 37.2 37.0 (2)(9) 3,434.9 3,664.3 25.59% Health CareEquipment andServices Absolute DentalGroup LLC andAbsolute DentalEquity, LLC (5) Dental servicesprovider First lien seniorsecured revolvingloan 06/2021 06/2026 23.7 23.1 18.0 (2)(8) First lien seniorsecured loan 09/2024 06/2026 45.5 44.4 34.5 (2)(8) Class A preferredunits 09/2024 20,000,000 16.2 — (2) Class A commonunits 06/2021 6,553,553 4.7 — (2) 88.4 52.5 ADG, LLC, GEDCEquity, LLC and RCIV GEDC InvestorLLC (5) Dental servicesprovider First lien seniorsecured loan 10.82%(3.00%PIK) SOFR (Q) 7.00% 09/2016 09/2026 15.7 15.7 15.7 (2)(9) Second liensenior securedloan 06/2023 03/2027 50.9 49.7 42.8 (2)(8) Membership units 09/2016 3,000,000 — — (2) See accompanying notes to consolidated financial statements. F-24
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Class A commonunits 06/2023 7,604,889 29.4 — (2) 94.8 58.5 Advarra Holdings,Inc. (13) Provider of centralinstitutional reviewboards over clinicaltrials First lien seniorsecured loan 8.22% SOFR (M) 4.50% 08/2022 09/2031 4.0 4.0 4.0 (2)(9) First lien seniorsecured loan 8.22% SOFR (M) 4.50% 10/2025 09/2031 1.6 1.6 1.6 (2)(9) 5.6 5.6 Aerin Medical Inc.(13) Developer andmanufacturer ofnon-invasive nasaltreatment solutions First lien seniorsecured loan 10.92%(3.88%PIK) SOFR (Q) 7.25% 12/2024 12/2030 15.8 15.6 15.8 (2)(9) Series G preferredshares 12/2024 877,379 1.0 1.0 (2) 16.6 16.8 AHR FundingHoldings, Inc. andAHR ParentHoldings, LP Provider of revenuecycle managementsolutions tohospitals Series A preferredshares 12.75%PIK 07/2022 07/2028 35,000 53.8 53.8 (2) Provider ofRevenue CycleManagementsolutions tohospitals Preferred units 8.00%PIK 07/2022 9,900 13.0 12.1 (2) Class B commonunits 07/2022 100,000 0.1 — (2) 66.9 65.9 AlcrestaTherapeutics, Inc.(13) A commercial-stagemedical devicecompany First lien seniorsecured revolvingloan 9.24% SOFR (Q) 5.50% 12/2025 03/2031 0.1 0.1 0.1 (2)(9) First lien seniorsecured loan 9.27% SOFR (Q) 5.50% 12/2025 03/2031 13.2 13.2 13.1 (2)(9) 13.3 13.2 Aledade, Inc. (13) Network ofindependentprimary care groupsto serve patientsthrough value-basedcare First lien seniorsecured revolvingloan 9.64% SOFR (A) 5.75% 11/2025 11/2028 17.6 17.6 17.5 (2)(9) Amerivet PartnersManagement, Inc.and AVE HoldingsLP Veterinary practicemanagementplatform Subordinated loan 8.25%PIK 11/2023 12/2030 78.0 75.4 64.7 (2) Class A units 03/2024 2,922 2.9 — (2) Class C units 11/2023 7,144 1.4 — (2) 79.7 64.7 Artivion, Inc. (13) Manufacturer,processor anddistributor ofmedical devices andimplantable humantissues First lien seniorsecured revolvingloan 7.49% SOFR (Q) 3.50% 01/2024 01/2031 0.9 0.9 0.9 (2)(6)(9) First lien seniorsecured loan 8.74% SOFR (Q) 4.75% 01/2024 01/2031 11.5 11.5 11.5 (2)(6)(9) 12.4 12.4 AthenaHealth GroupInc., MinervaHoldco, Inc. andBCPE Co-Invest (A),LP (13)(14) Revenue cyclemanagementprovider to thephysician practicesand acute carehospitals First lien seniorsecured loan 6.47% SOFR (M) 2.75% 07/2023 02/2029 0.1 0.1 0.1 (2)(9)(16) Series A preferredstock 10.75%PIK 02/2022 198,505 301.2 301.2 (2) Class A units 02/2022 10,487,951 10.5 15.5 (2) 311.8 316.8 Avalign Holdings,Inc. and AvalignTechnologies, Inc.(13) Full-service contractmanufacturer ofmedical devicecomponents for theorthopedic OEMindustry First lien seniorsecured revolvingloan 10.22% SOFR (M) 6.50% 03/2024 12/2028 2.6 2.6 2.2 (2)(9) See accompanying notes to consolidated financial statements. F-25
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets First lien seniorsecured loan 11.07%(3.63%PIK) SOFR (Q) 7.25% 03/2024 12/2028 39.9 39.9 33.1 (2)(9) 42.5 35.3 BAART Programs,Inc., MedMarkServices, Inc., andCanadian AddictionTreatment Centres LP Opiod treatmentprovider First lien seniorsecured loan 05/2022 06/2027 5.8 5.9 4.9 (2)(8) Bambino GroupHoldings, LLC Dental servicesprovider Class A preferredunits 12/2016 1,000,000 1.0 0.8 (2) Bayou IntermediateII, LLC (13) Developer andmanufacturer ofvascular medicaldevices First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 09/2025 09/2032 28.4 28.4 28.2 (2)(9) BrightStar GroupHoldings, Inc. (13) Provider of private-pay home careservices for patients First lien seniorsecured revolvingloan 10.75% Base Rate(Q) 4.00% 02/2025 03/2032 0.5 0.5 0.5 (2)(9) First lien seniorsecured loan 8.80% SOFR (Q) 4.75% 02/2025 03/2032 26.8 26.8 26.8 (2)(9) 27.3 27.3 BVI Medical, Inc.and BVI GroupLimited (13) Developer,manufacturer, anddistributor of diverseophthalmic surgicalproducts First lien seniorsecured loan 9.88% SOFR (Q) 6.00% 03/2025 03/2032 2.1 2.1 2.0 (2)(6)(9) First lien seniorsecured loan 9.97%(5.00%PIK) SOFR (M) 6.25% 03/2025 03/2032 141.7 141.7 136.0 (2)(6)(9) Ordinary shares 03/2025 3,742 5.0 4.3 (2)(6) 148.8 142.3 Color Intermediate,LLC Provider of pre-payment integritysoftware solution First lien seniorsecured loan 8.52% SOFR (Q) 4.75% 10/2022 10/2029 19.8 19.8 19.8 (2)(9) Convey HealthSolutions, Inc. Healthcareworkforcemanagementsoftware provider First lien seniorsecured loan 4.77% SOFR (Q) 1.00% 09/2019 07/2029 1.9 1.9 1.5 (2)(6)(9) First lien seniorsecured loan 4.77% SOFR (Q) 1.00% 02/2022 07/2029 0.1 0.1 0.1 (2)(6)(9) First lien seniorsecured loan 4.77% SOFR (Q) 1.00% 10/2022 07/2029 0.1 0.1 0.1 (2)(6)(9) 2.1 1.7 Cradle Lux BidcoS.A.R.L. andHamilton Thorne Inc.(13) Provider ofconsumables andequipment for ARTand IVF procedures First lien seniorsecured loan 9.04% SOFR (Q) 5.25% 11/2024 11/2031 2.9 2.9 2.9 (2)(6)(9) First lien seniorsecured loan 7.32% Euribor (Q) 5.25% 11/2024 11/2031 12.3 11.4 12.4 (2)(6)(9) 14.3 15.3 Crown CT ParentInc., Crown CTHoldCo Inc. andCrown CTManagement LLC(13) Provider of medicaldevices and servicesfor the treatment ofpositionalplagiocephaly First lien seniorsecured loan 9.32% SOFR (Q) 5.50% 03/2022 03/2029 23.8 23.8 23.8 (2)(9) Class A shares 03/2022 192 1.9 2.5 (2) Common units 03/2022 31 0.3 0.4 (2) 26.0 26.7 CVP Holdco, Inc.and OMERSWildcats InvestmentHoldings LLC (13) Veterinary hospitaloperator First lien seniorsecured loan 8.47% SOFR (M) 4.75% 06/2024 06/2031 27.7 27.7 27.7 (2)(9) Class A preferredunits 08/2023 3,678 2.6 1.9 (2) Common stock 10/2019 41,443 14.5 21.9 (2) 44.8 51.5 Empower PaymentsInvestor, LLC (13) Financialcommunication andpayment solutionsprovider First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 03/2024 03/2031 0.1 0.1 0.1 (2)(9) First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 06/2025 03/2031 4.1 4.0 4.1 (2)(9) See accompanying notes to consolidated financial statements. F-26
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets First lien seniorsecured loan 8.62% SOFR (Q) 4.75% 06/2025 03/2031 5.0 5.0 5.0 (2)(9) First lien seniorsecured loan 8.37% SOFR (Q) 4.50% 10/2025 03/2031 6.7 6.6 6.7 (2)(9) 15.7 15.9 Evolent Health LLCand Evolent Health,Inc. Medical technologycompany focusedon value based careservices andpayment solutions First lien seniorsecured loan 9.49% SOFR (Q) 5.50% 12/2024 12/2029 18.3 18.3 18.3 (2)(6)(9) Second liensenior securedloan 10.14% SOFR (Q) 6.00% 08/2025 12/2029 3.8 3.7 3.8 (2)(6)(9) 22.0 22.1 GHX Ultimate ParentCorporation,Commerce Parent,Inc. and CommerceTopco, LLC (13) On-demand supplychain automationsolutions providerto the healthcareindustry First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 12/2024 12/2031 130.2 130.2 130.2 (2)(9) Class A units 06/2017 15,706,534 12.9 32.3 (2) 143.1 162.5 Global MedicalResponse, Inc. andGMR Buyer Corp. Emergency airmedical servicesprovider Series B preferredshares 15.00%PIK 05/2024 63,277 78.2 80.3 (2) Warrant topurchase units ofcommon stock 03/2018 03/2028 115,733 0.9 1.6 (2) Warrant topurchase units ofcommon stock 12/2021 12/2031 1,927 0.1 — (2) Warrants topurchase sharesof common stock 05/2024 05/2031 3,116,642 — 43.5 (2) 79.2 125.4 Himalaya TopCoLLC and BCPEHyperlink Holdings,LP (13) Provider of softwaresolutions tohealthcare payors First lien seniorsecured revolvingloan 06/2025 06/2032 — — — (2)(11) First lien seniorsecured loan 8.72%(2.25%PIK) SOFR (M) 5.00% 06/2025 06/2032 232.6 232.6 230.3 (2)(9) First lien seniorsecured loan 8.72%(2.25%PIK) SOFR (M) 5.00% 09/2025 06/2032 20.7 20.7 20.5 (2)(9) Class A units 09/2025 253,551 2.5 2.5 (2) 255.8 253.3 Honor Technology,Inc. Nursing and homecare provider Warrant topurchase sharesof Series D-2preferred stock 08/2021 08/2031 133,333 0.1 — (2) HuFriedy GroupAcquisition LLC (13) Manufacturer ofsurgical dentalequipment andsterile instruments First lien seniorsecured revolvingloan 05/2024 05/2030 — — — (2)(11) First lien seniorsecured loan 9.30% SOFR (Q) 5.50% 05/2024 05/2031 76.1 76.1 76.1 (2)(9) First lien seniorsecured loan 9.26% SOFR (S) 5.50% 10/2025 06/2031 7.6 7.6 7.6 (2)(9) 83.7 83.7 KBHS Acquisition,LLC (d/b/a AlitaCare, LLC) Provider ofbehavioral healthservices First lien seniorsecured revolvingloan 03/2017 03/2027 4.2 4.4 3.1 (2)(8) LivTech Purchaser,Inc. (13) Provider of seniorcare end-to-endsoftware, paymentsand RCM platform First lien seniorsecured loan 8.76% SOFR (Q) 5.00% 11/2024 11/2031 9.3 9.3 9.3 (2)(9) Napa ManagementServices Corporationand ASP NAPAHoldings, LLC Anesthesiamanagementservices provider Preferred units 15.00%PIK 06/2020 1,842 0.3 0.3 (2) Senior preferredunits 8.00%PIK 06/2020 5,320 0.4 0.4 (2) Class A units 04/2016 25,277 2.5 3.9 (2) 3.2 4.6 See accompanying notes to consolidated financial statements. F-27
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Next Holdco, LLC(13) Provider ofelectronic medicalrecord and practicemanagementsoftware First lien seniorsecured loan 9.09% SOFR (Q) 5.25% 11/2023 11/2030 6.4 6.4 6.4 (2)(9) NMN Holdings IIICorp. and NMNHoldings LP (13) Provider of complexrehabilitationtechnologysolutions forpatients withmobility loss First lien seniorsecured revolvingloan 07/2024 07/2031 — — — (2)(11) First lien seniorsecured loan 8.22% SOFR (M) 4.50% 07/2024 07/2031 95.3 95.3 95.3 (2)(9) First lien seniorsecured loan 7.27% CORRA(M) 5.00% 09/2025 07/2031 13.4 13.4 13.4 (2)(9) First lien seniorsecured loan 8.47% SOFR (M) 4.75% 09/2025 07/2031 7.2 7.2 7.2 (2)(9) Partnership units 11/2018 30,000 3.0 8.5 (2) 118.9 124.4 Nomi Health, Inc. Provider of softwarepayment servicesfor healthcareindustry Warrant topurchase sharesof Series Bpreferred stock 07/2023 07/2033 9,941 — — (2) Warrant topurchase units ofClass A commonstock 06/2024 06/2034 22,211 — — (2) — — Olympia Acquisition,Inc., Olympia TopCo,L.P., and AsclepiusHoldings LLC (5) Behavioral healthand specialeducation platformprovider Preferred units 07/2021 417,189 — — (2) Preferred stock 02/2022 7,983 — — (2) Class A commonunits 09/2019 9,549,000 — — (2) Common units 02/2022 7,584 — — (2) — — Pathway Vet AllianceLLC and Jedi GroupHoldings LLC (13) Veterinary hospitaloperator First lien seniorsecured revolvingloan 03/2025 06/2028 — — — (2)(11) Second liensenior securedloan 03/2020 06/2028 83.5 75.5 54.3 (2)(8) Class R commonunits 03/2020 6,004,768 6.0 — (2) 81.5 54.3 PetVet Care Centers,LLC (13) Veterinary hospitaloperator First lien seniorsecured revolvingloan 9.84% SOFR (M) 6.00% 11/2023 11/2029 2.7 2.7 2.3 (2)(9) First lien seniorsecured loan 9.72% SOFR (M) 6.00% 11/2023 11/2030 130.1 130.1 111.9 (2)(9) 132.8 114.2 Premise HealthHolding Corp. andOMERS BluejayInvestment HoldingsLP (13) Provider ofemployer-sponsoredonsite health andwellness clinics andpharmacies First lien seniorsecured revolvingloan 02/2024 11/2031 — — — (2)(11) First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 02/2024 11/2032 33.7 33.7 33.7 (2)(9) First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 11/2025 11/2032 22.2 22.2 22.2 (2)(9) Class A units 07/2018 9,775 5.4 17.8 (2) 61.3 73.7 Project AllianceBuyer, LLC (13) Provider oftechnologysolutions forspecialtymedicationmanagement First lien seniorsecured loan 8.82% SOFR (Q) 5.00% 08/2025 08/2031 10.8 10.8 10.7 (2)(9) Revival AnimalHealth, LLC (13) B2B distributor ofanimal healthproducts First lien seniorsecured revolvingloan 9.73% SOFR (Q) 6.00% 01/2025 01/2028 1.8 1.8 1.7 (2)(9) First lien seniorsecured loan 9.72% SOFR (Q) 6.00% 01/2025 01/2028 26.8 26.7 25.7 (2)(9) See accompanying notes to consolidated financial statements. F-28
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets First lien seniorsecured loan 9.67% SOFR (Q) 6.00% 04/2025 01/2028 2.0 2.0 2.0 (2)(9) 30.5 29.4 Signant Finance OneLimited and BracketIntermediate HoldingCorp. (13) Provider ofsoftware solutionsfor clinical trialmanagement First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 10/2025 10/2031 63.5 62.9 62.9 (2)(6)(9) SiroMed PhysicianServices, Inc. andSiroMed EquityHoldings, LLC Outsourcedanesthesia provider Common units 03/2018 684,854 4.8 2.3 (2) SOC Telemed, Inc.and PSC SparkHoldings, LP Provider of acutecare telemedicine First lien seniorsecured loan 11.19%(2.00%PIK) SOFR (Q) 7.50% 08/2022 08/2027 109.5 107.9 104.0 (2)(9) Class A-2 units 08/2022 4,812 4.9 1.4 (2) Warrant topurchase units ofcommon stock 08/2022 08/2029 6,118 4.7 0.3 (2) 117.5 105.7 Spruce Bidco II Inc.(13) Provider of medicaldevices relating todialysis treatmentsand services forkidney disease First lien seniorsecured loan 7.25% CORRA(Q) 5.00% 01/2025 01/2032 27.6 26.1 27.6 (2)(9) First lien seniorsecured loan 6.00% TONA (Q) 5.25% 01/2025 01/2032 25.8 26.1 25.8 (2)(9) First lien seniorsecured loan 8.45% SOFR (S) 4.75% 01/2025 01/2032 145.0 145.0 145.0 (2)(9) 197.2 198.4 Surescripts, LLC (13) Healthcare networkfor e-prescriptionrouting, patienteligibility checks,and secureexchange ofmedical records First lien seniorsecured loan 8.67% SOFR (Q) 5.00% 11/2024 11/2031 5.0 5.0 5.0 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 11/2025 11/2031 78.4 78.4 78.0 (2)(9) 83.4 83.0 Symplr Software Inc.and Symplr SoftwareIntermediateHoldings, Inc. (13) SaaS basedhealthcarecomplianceplatform provider First lien seniorsecured revolvingloan 7.59% SOFR (Q) 3.75% 12/2020 12/2027 0.8 0.8 0.7 (2) First lien seniorsecured revolvingloan 9.50% Base Rate(Q) 2.75% 12/2020 12/2027 6.5 6.5 5.5 (2) First lien seniorsecured loan 8.44% SOFR (Q) 4.50% 02/2022 12/2027 28.5 27.9 24.1 (2)(9)(16) First lien seniorsecured loan 9.19% SOFR (Q) 5.25% 04/2024 12/2027 17.1 17.1 14.7 (2)(9) Second liensenior securedloan 11.82% SOFR (Q) 7.88% 12/2020 12/2028 76.2 76.2 66.3 (2)(9) Second liensenior securedloan 13.94%(4.00%PIK) SOFR (Q) 10.00% 04/2024 12/2028 55.1 55.1 50.7 (2)(9) Series C-1preferred shares 11.00%PIK 06/2021 75,939 131.0 106.1 (2) Series C-2preferred shares 11.00%PIK 06/2021 40,115 65.6 53.1 (2) Series C-3preferred shares 11.00%PIK 10/2021 16,201 25.6 20.7 (2) 405.8 341.9 Tempus AI, Inc. Provider oftechnology enabledprecision medicinesolutions First lien seniorsecured loan 11.92%(3.25%PIK) SOFR (Q) 8.25% 02/2025 02/2030 31.8 31.8 31.8 (2)(6)(9) Common units 10/2023 60,821 1.9 3.6 (2)(6)(16) 33.7 35.4 See accompanying notes to consolidated financial statements. F-29
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Therapy BrandsHoldings LLC Provider of softwaresolutions for themental andbehavioral healthmarket segments Second liensenior securedloan 10.58% SOFR (M) 6.75% 06/2021 05/2029 29.1 29.0 23.3 (2)(9) U.S. AnesthesiaPartners, Inc. & U.S.Anesthesia PartnersHoldings, Inc. Anesthesiologyservice provider Second liensenior securedloan 11.49% SOFR (M) 7.50% 10/2021 10/2029 147.8 147.8 147.8 (2)(9) Common stock 12/2021 3,671,429 12.9 10.8 (2) 160.7 158.6 U.S. UrologyPartners, LLC,General Atlantic(USU) BlockerCollection Holdco,L.P., and GeneralAtlantic (USU-2)Coinvest, L.P. (13) Integrated urologiccare platform First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 04/2025 04/2032 13.4 13.4 13.4 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 10/2025 04/2032 3.9 3.9 3.9 (2)(9) Limitedpartnershipinterest 04/2025 2,190,000 2.2 3.5 (2) Common units 10/2025 442,686 0.5 0.4 (2) 20.0 21.2 United DigestiveMSO Parent, LLCand Koln Co-InvestUnblocked, LP (13) Gastroenterologyphysician group First lien seniorsecured loan 9.48% SOFR (Q) 5.75% 03/2023 03/2029 12.9 12.9 12.9 (2)(9) First lien seniorsecured loan 9.71% SOFR (Q) 5.75% 10/2024 03/2029 1.9 1.9 1.9 (2)(9) Class A interests 03/2023 4,623 4.6 7.8 19.4 22.6 VPP IntermediateHoldings, LLC andVPP GroupHoldings, L.P. (13) Veterinary hospitaloperator First lien seniorsecured loan 9.57% SOFR (M) 5.75% 12/2021 12/2027 6.0 6.0 6.0 (2)(9) First lien seniorsecured loan 9.57% SOFR (M) 5.75% 08/2022 12/2027 9.0 9.0 9.0 (2)(9) First lien seniorsecured loan 9.47% SOFR (M) 5.75% 08/2023 12/2027 12.2 12.2 12.2 (2)(9) First lien seniorsecured loan 9.47% SOFR (M) 5.75% 03/2024 12/2027 2.6 2.6 2.6 (2)(9) First lien seniorsecured loan 8.97% SOFR (M) 5.25% 01/2025 12/2027 5.4 5.4 5.4 (2)(9) Class A-2 units 12/2021 7,524 7.5 9.9 (2) Class A-2 units 03/2023 45 0.1 0.1 (2) 42.8 45.2 WSHP FCAcquisition LLC andWSHP FC HoldingsLLC (13) Provider ofbiospecimenproducts for pharmaresearch First lien seniorsecured revolvingloan 03/2018 03/2028 — — — (2)(11) First lien seniorsecured loan 11.67%(6.00%PIK) SOFR (Q) 8.00% 08/2025 04/2030 75.8 75.8 75.8 (2)(9) First lien seniorsecured loan 12.00%PIK 08/2025 03/2030 23.5 20.5 19.5 (2) Class A preferredunits 11/2024 455 0.3 — Common units 07/2022 35,299 5.0 0.5 101.6 95.8 ZocDoc, Inc. (13) Healthcaremarketplaceconnecting patientsand providers First lien seniorsecured loan 9.12% SOFR (Q) 5.25% 05/2024 07/2030 64.9 64.9 64.9 (2)(9) First lien seniorsecured loan 9.12% SOFR (Q) 5.25% 07/2025 07/2030 1.6 1.6 1.6 (2)(9) 66.5 66.5 3,472.0 3,333.5 23.28% See accompanying notes to consolidated financial statements. F-30
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Commercial andProfessional Services Accommodations PlusTechnologies LLC(13) Provider ofoutsourced crewaccommodationsand logisticsmanagementsolutions to theairline industry First lien seniorsecured loan 8.94% SOFR (Q) 5.25% 05/2025 05/2032 87.5 87.5 87.5 (2)(9) First lien seniorsecured loan 8.94% SOFR (Q) 5.25% 12/2025 05/2032 30.0 30.0 30.0 (2)(9) 117.5 117.5 Aldinger CompanyInc (13) Provider ofoutsourcedcalibration andrepair services First lien seniorsecured revolvingloan 8.44% SOFR (Q) 4.75% 07/2024 10/2030 0.2 0.2 0.2 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 07/2024 10/2030 31.3 31.3 31.3 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 03/2025 10/2030 9.4 9.4 9.4 (2)(9) First lien seniorsecured loan 8.45% SOFR (Q) 4.75% 08/2025 10/2030 3.3 3.3 3.3 (2)(9) 44.2 44.2 AMCP CleanAcquisition Company,LLC Provider ofcommercial laundryservices First lien seniorsecured loan 7.94% SOFR (Q) 4.25% 12/2025 06/2030 15.0 15.0 14.9 (2)(9) Argenbright HoldingsV, LLC, AmberstoneSecurity GroupLimited, UnifiAviation NorthAmerica LLC andUnifi AviationCanada, Inc. Provider ofoutsourced securityguard services,outsourced facilitiesmanagement andoutsourced aviationservices First lien seniorsecured loan 9.02% SOFR (Q) 5.00% 04/2024 09/2028 48.7 48.7 48.7 (2)(6)(9) ATI Restoration, LLC(13) Provider of disasterrecovery services First lien seniorsecured revolvingloan 9.48% SOFR (Q) 5.50% 07/2020 07/2026 8.7 8.7 8.7 (2)(9)(12) First lien seniorsecured loan 9.49% SOFR (Q) 5.50% 07/2020 07/2026 32.0 32.0 32.0 (2)(9) First lien seniorsecured loan 9.41% SOFR (Q) 5.50% 05/2022 07/2026 47.4 47.4 47.4 (2)(9) First lien seniorsecured loan 9.45% SOFR (Q) 5.50% 09/2023 07/2026 11.8 11.8 11.8 (2)(9) 99.9 99.9 Bluejack FireAcquisition, Inc. andBluejack FireHoldings LLC (13) Provider of fire andlife safety servicesincluding inspectionand repair First lien seniorsecured revolvingloan 8.50% SOFR (M) 4.75% 01/2025 01/2031 0.4 0.4 0.4 (2)(9) First lien seniorsecured loan 8.47% SOFR (M) 4.75% 01/2025 01/2031 6.9 6.9 6.9 (2)(9) Class A-1 units 01/2025 1,368 1.4 1.3 (2) 8.7 8.6 BobtailAcquisitionCo, LLC(13) Provider of non-hazardous liquidwaste collection,transportation,processing,recycling,reclamation, anddisposal services First lien seniorsecured revolvingloan 8.44% SOFR (Q) 4.75% 09/2025 09/2031 0.7 0.7 0.7 (2)(12) First lien seniorsecured loan 8.54% SOFR (Q) 4.75% 09/2025 09/2031 31.0 31.0 30.7 (2) 31.7 31.4 Capstone AcquisitionHoldings, Inc.,Capstone LogisticsHoldings, Inc. andCapstone ParentHoldings, LP (13) Outsourced supplychain solutionsprovider to operatorsof distributioncenters First lien seniorsecured revolvingloan 08/2024 05/2029 — — — (2)(11) First lien seniorsecured loan 8.32% SOFR (M) 4.50% 08/2024 11/2029 8.1 8.1 8.1 (2)(9) Second liensenior securedloan 12.32% SOFR (M) 8.50% 08/2024 11/2030 92.7 92.7 92.7 (2)(9) Class A units 11/2020 10,581 7.3 19.1 (2) See accompanying notes to consolidated financial statements. F-31
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets 108.1 119.9 Cards-Live OakHoldings, Inc. (13) Provider of solidwaste collectionservices forresidential,commercial, andindustrial customers First lien seniorsecured revolvingloan 10.50% Base rate(Q) 3.75% 10/2025 10/2032 2.3 2.3 2.3 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 10/2025 10/2032 53.8 53.8 53.3 (2)(9) 56.1 55.6 Denali IntermediateHoldings, Inc. andDenali ParentHoldings, L.P. (13) Provider of businessdecisioning data andanalytics First lien seniorsecured revolvingloan 08/2025 08/2032 — — — (2)(11) First lien seniorsecured loan 9.23% SOFR (M) 5.50% 08/2025 08/2032 379.5 379.5 375.7 (2)(9) Series A units 8.00%PIK 08/2025 540,800 5.6 5.4 (2) 385.1 381.1 Divisions HoldingCorporation,Divisions, Inc. andRC V Tecmo InvestorLLC (13) Technology basedaggregator forfacility maintenanceservices First lien seniorsecured revolvingloan 04/2025 04/2032 — — — (2)(11) First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 04/2025 04/2032 0.1 0.1 0.1 (2)(9) Common memberunits 08/2020 9,624,000 7.7 17.6 (2) 7.8 17.7 Dorado Bidco, Inc.(13) Provider ofconsumer andmarket insights forthe food andbeverage industry First lien seniorsecured loan 8.22% SOFR (M) 4.50% 09/2024 09/2031 7.7 7.7 7.7 (2)(9) DP Flores Holdings,LLC (13) Benefitsadministrator of tax-advantagedreimbursementplans First lien seniorsecured loan 10.22%(3.25%PIK) SOFR (M) 6.50% 09/2024 09/2030 27.9 27.8 27.9 (2)(9) Drogon Bidco Inc. &Drogon AggregatorLP (13) Provider of firesafety and life safetyservices First lien seniorsecured loan 8.47% SOFR (M) 4.75% 08/2024 08/2031 14.2 14.2 14.2 (2)(9) Class A-2common units 08/2024 1,850,000 1.9 2.0 (2) 16.1 16.2 DTI Holdco, Inc. andOPE DTI Holdings,Inc. Provider of legalprocess outsourcingand managedservices Class A commonstock 08/2014 7,500 7.5 11.1 (2) Class B commonstock 08/2014 7,500 — — (2) 7.5 11.1 Duraserv LLC (13) Provider ofcommercial loadingdock maintenanceand remodelingservices First lien seniorsecured revolvingloan 8.57% SOFR (M) 4.75% 06/2024 06/2030 0.2 0.2 0.2 (2)(9) First lien seniorsecured loan 8.48% SOFR (M) 4.75% 06/2024 06/2031 10.3 10.3 10.3 (2)(9) First lien seniorsecured loan 8.48% SOFR (M) 4.75% 03/2025 06/2031 4.8 4.8 4.8 (2)(9) 15.3 15.3 Elevation ServicesParent Holdings,LLC (13) Elevator serviceplatform First lien seniorsecured revolvingloan 10.49% SOFR (Q) 6.50% 12/2020 12/2028 2.5 2.5 2.4 (2)(9)(12) First lien seniorsecured loan 10.61% SOFR (Q) 6.50% 12/2020 12/2028 9.9 9.9 9.5 (2)(9) First lien seniorsecured loan 10.51% SOFR (Q) 6.50% 05/2022 12/2028 13.8 13.8 13.2 (2)(9) 26.2 25.1 See accompanying notes to consolidated financial statements. F-32
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Elliott DavisAdvisory, LLC andElliott DavisAdvisory HoldCo,LLC (13) Provider of tax,comprehensiveassurance andconsulting services First lien seniorsecured revolvingloan 8.73% SOFR (Q) 4.75% 07/2025 07/2031 2.0 2.0 2.0 (2)(9) First lien seniorsecured loan 8.87% SOFR (S) 4.75% 07/2025 07/2031 24.9 24.9 24.6 (2)(9) Common stock 07/2025 4,273,000 4.3 4.3 31.2 30.9 EMB Purchaser, Inc.(13) Provider of fire andlife safety solutions First lien seniorsecured loan 8.30% SOFR (Q) 4.50% 03/2025 03/2032 8.5 8.5 8.5 (2)(9) Firebird AcquisitionCorp, Inc. (13) Provider of firesafety and life safetyservices First lien seniorsecured revolvingloan 01/2025 02/2032 — — — (2)(11) First lien seniorsecured loan 8.84%(2.75%PIK) SOFR (Q) 5.00% 01/2025 02/2032 4.2 4.2 4.2 (2)(9) First lien seniorsecured loan 8.34% SOFR (Q) 4.50% 01/2025 02/2032 3.5 3.5 3.5 (2)(9) 7.7 7.7 FlyWheel Acquireco,Inc. (13) Professionalemployerorganizationoffering humanresources,compliance and riskmanagementservices First lien seniorsecured revolvingloan 10.22% SOFR (M) 6.50% 05/2023 05/2028 0.8 0.8 0.8 (2)(9) First lien seniorsecured loan 10.22% SOFR (M) 6.50% 05/2023 05/2030 51.4 51.4 51.4 (2)(9) 52.2 52.2 Frontline RoadSafety Operations,LLC (13) Provider ofpavement markingservices to roadways First lien seniorsecured revolvingloan 03/2025 03/2032 — — — (2)(11) First lien seniorsecured loan 8.72%(2.00%PIK) SOFR (M) 5.00% 03/2025 03/2032 2.6 2.6 2.6 (2) First lien seniorsecured loan 8.72%(2.00%PIK) SOFR (M) 5.00% 10/2025 03/2032 3.0 3.0 3.0 (2) First lien seniorsecured loan 8.72%(2.00%PIK) SOFR (M) 5.00% 12/2025 03/2032 6.9 6.9 6.9 (2)(9) 12.5 12.5 G702 Buyer, Inc.(13) Provider ofstandardizedcontracts and formsplatform for thearchitecture,engineering, andconstructionindustry First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 07/2025 07/2031 10.5 10.5 10.3 (2)(9) HH-Stella, Inc. andBedrock ParentHoldings, LP (13) Provider ofmunicipal solidwaste transfermanagementservices First lien seniorsecured revolvingloan 04/2021 04/2027 — — — (2)(11) First lien seniorsecured loan 9.82% SOFR (Q) 6.00% 04/2021 04/2028 8.7 8.7 8.7 (2)(9) First lien seniorsecured loan 9.82% SOFR (Q) 6.00% 09/2023 04/2028 20.5 20.5 20.5 (2)(9) First lien seniorsecured loan 9.97% SOFR (Q) 6.00% 09/2023 04/2028 1.1 1.1 1.1 (2)(9) First lien seniorsecured loan 9.67% SOFR (Q) 6.00% 04/2024 04/2028 18.7 18.7 18.7 (2)(9) First lien seniorsecured loan 9.82% SOFR (Q) 6.00% 10/2025 04/2028 10.5 10.5 10.5 (2)(9) Class A units 04/2021 32,982 3.3 2.8 (2) 62.8 62.3 HP RSS Buyer, Inc.(13) Provider of roadstriping, and roadsafety relatedservices First lien seniorsecured loan 8.67% SOFR (Q) 5.00% 12/2023 12/2029 16.8 16.8 16.8 (2)(9) See accompanying notes to consolidated financial statements. F-33
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 03/2024 12/2029 6.7 6.7 6.7 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 07/2025 12/2029 12.4 12.4 12.4 (2)(9) First lien seniorsecured loan 8.48% SOFR (M) 4.75% 12/2025 12/2029 1.6 1.6 1.6 (2)(9) 37.5 37.5 IRI Group Holdings,Inc. and Circana,LLC (13) Market researchcompany focused onthe consumerpackaged goodsindustry First lien seniorsecured revolvingloan 04/2025 12/2028 — — — (2)(11) First lien seniorsecured loan 7.97% SOFR (M) 4.25% 04/2025 12/2029 159.9 159.8 159.9 (2)(9) 159.8 159.9 ISQ HawkeyeHoldco, Inc. and ISQHawkeye Holdings,L.P. (13) Provider ofcommercial andindustrial wasteprocessing anddisposal services First lien seniorsecured revolvingloan 8.43% SOFR (M) 4.68% 08/2022 08/2030 3.4 3.4 3.4 (2)(9)(12) First lien seniorsecured loan 8.43% SOFR (M) 4.68% 08/2022 08/2031 4.9 4.9 4.9 (2)(9) First lien seniorsecured loan 8.43% SOFR (M) 4.68% 08/2024 08/2031 3.8 3.8 3.8 (2)(9) Class A units 09/2022 13,324 14.0 25.1 (2) 26.1 37.2 Jones Fish Hatcheries& Distributors, LLCand PondManagement GroupHoldings, LLC (13) Provider of lake andpond managementservices First lien seniorsecured loan 8.13% SOFR (Q) 4.25% 11/2025 11/2032 15.6 15.6 15.4 (2)(9) Class A units 11/2025 26,260 2.6 2.6 18.2 18.0 KellermeyerBergensons Services,LLC and KBSTopCo, LLC Provider ofjanitorial andfacilitiesmanagementservices First lien seniorsecured loan 9.24%PIK SOFR (Q) 5.25% 11/2019 11/2028 45.8 45.8 45.8 (2)(9) First lien seniorsecured loan 12/2023 11/2028 15.7 13.9 4.4 (2)(8) Preferred units 03/2024 4,042,767 7.7 — (2) Class A commonunits 03/2024 4,042,767 — — (2) 67.4 50.2 Kings Buyer, LLC(13) Provider ofcomprehensiveoutsourced wastemanagementconsolidationservices First lien seniorsecured revolvingloan 11.00% Base Rate(Q) 4.25% 09/2023 10/2027 1.8 1.8 1.8 (2)(9) First lien seniorsecured loan 9.35% SOFR (Q) 5.25% 09/2023 10/2027 16.1 16.1 15.3 (2)(9) 17.9 17.1 KPS Global LLC andCool Group LLC(13) Manufacturer ofwalk-in cooler andfreezer systems First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 09/2024 09/2030 5.2 5.2 5.2 (2)(9) Laboratories BidcoLLC andLaboratories TopcoLLC (13) Lab testing servicesfor nicotinecontaining products First lien seniorsecured revolvingloan 5.57% SOFR (Q) 1.75% 07/2021 07/2029 15.4 14.9 11.9 (2)(9) First lien seniorsecured revolvingloan 7.50% Base Rate(Q) 0.75% 07/2021 07/2029 4.6 4.5 3.6 (2)(9) First lien seniorsecured loan 4.16% CORRA(Q) 1.75% 10/2019 07/2029 24.4 24.1 18.8 (2)(9) First lien seniorsecured loan 5.57% SOFR (Q) 1.75% 10/2019 07/2029 17.5 16.8 13.5 (2)(9) First lien seniorsecured loan 5.57% SOFR (Q) 1.75% 10/2020 07/2029 0.1 0.1 0.1 (2)(9) First lien seniorsecured loan 5.57% SOFR (Q) 1.75% 07/2021 07/2029 4.6 4.5 3.6 (2)(9) Class A units 07/2021 3,099,335 4.6 — (2) 69.5 51.5 See accompanying notes to consolidated financial statements. F-34
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets LBC WoodlandsPurchaser LLC andLBC WoodlandsHoldings LP (13) Provider of humanresources andworkforcemanagementsolutions First lien seniorsecured revolvingloan 8.72% SOFR (M) 5.00% 07/2024 07/2030 0.2 0.2 0.2 (2)(9) First lien seniorsecured loan 8.84% SOFR (Q) 5.00% 07/2024 07/2031 19.0 19.0 18.8 (2)(9) Class A commonunits 07/2024 1,205,000 1.2 0.9 (2) 20.4 19.9 Lightbeam Bidco,Inc. (13) Provider of yardmanagementservices First lien seniorsecured revolvingloan 05/2023 05/2029 — — — (2)(11) First lien seniorsecured loan 8.59% SOFR (Q) 4.75% 05/2023 05/2030 4.5 4.5 4.5 (2)(9) First lien seniorsecured loan 8.59% SOFR (Q) 4.75% 05/2023 05/2030 0.7 0.7 0.7 (2)(9) First lien seniorsecured loan 8.84% SOFR (Q) 5.00% 11/2023 05/2030 2.2 2.2 2.2 (2)(9) First lien seniorsecured loan 8.59% SOFR (Q) 4.75% 11/2023 05/2030 1.1 1.1 1.1 (2)(9) First lien seniorsecured loan 8.51% SOFR (Q) 4.75% 12/2025 05/2030 1.9 1.9 1.9 (2)(9) 10.4 10.4 LJP Purchaser, Inc.and LJP Topco, LP(13) Provider of non-hazardous solidwaste and recyclingservices First lien seniorsecured loan 10.05% SOFR (Q) 6.25% 09/2022 09/2028 11.6 11.6 11.6 (2)(9) Class A units 8.00%PIK 09/2022 5,098,000 6.6 6.1 (2) 18.2 17.7 Microstar LogisticsLLC, MicrostarGlobal AssetManagement LLC,MStar HoldingCorporation andKegstar USA Inc. Keg managementsolutions provider First lien seniorsecured loan 11.17% SOFR (Q) 7.50% 12/2024 12/2030 134.8 134.8 134.8 (2)(9) MSIS Holdings, Inc.and MS PrecisionParent, LP (13) Provider of heavyindustrial machinerymaintenance andrepair services First lien seniorsecured revolvingloan 03/2025 03/2031 — — — (2)(11) First lien seniorsecured loan 8.67% SOFR (Q) 5.00% 03/2025 03/2031 23.5 23.5 23.5 (2)(9) Class A-1 units 03/2025 1,184,000 1.2 1.3 (2) 24.7 24.8 NAS, LLC andNationwideMarketing Group,LLC (13) Buying andmarketing servicesorganization forappliance, furnitureand consumerelectronics dealers First lien seniorsecured revolvingloan 10.51% SOFR (Q) 6.50% 11/2020 04/2026 1.9 1.9 1.9 (2)(9) First lien seniorsecured loan 10.49% SOFR (Q) 6.50% 11/2020 04/2026 6.1 6.1 6.1 (2)(9) First lien seniorsecured loan 10.49% SOFR (Q) 6.50% 12/2021 04/2026 2.2 2.2 2.2 (2)(9) First lien seniorsecured loan 10.49% SOFR (Q) 6.50% 05/2022 04/2026 1.3 1.3 1.3 (2)(9) 11.5 11.5 Neptune Bidco USInc. and ElliottMetron Co-InvestorAggregator L.P. (13) Provider ofaudience insights,data and analytics toentertainmentindustry First lien seniorsecured revolvingloan 10/2022 10/2027 — 0.9 — (2)(11) First lien seniorsecured loan 8.76% SOFR (Q) 4.75% 10/2022 10/2028 79.9 76.6 78.7 (2)(9)(16) First lien seniorsecured loan 9.01% SOFR (Q) 5.00% 10/2022 04/2029 96.8 92.3 95.6 (2)(9)(16) First lien seniorsecured notes 9.29% 11/2022 04/2029 52.8 52.0 52.9 (2)(16) Second liensenior securedloan 13.76% SOFR (Q) 9.75% 10/2022 10/2029 65.8 65.8 65.8 (2)(9) See accompanying notes to consolidated financial statements. F-35
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Limitedpartnershipinterests 10/2022 4,040,000 4.1 6.9 (2) 291.7 299.9 Nest Topco BorrowerInc., KKR Nest Co-Invest L.P., andNBLY 2021-1 Operator of multiplefranchise conceptsprimarily related tohome maintenanceor repairs Limited partnerinterest 09/2021 9,725,000 9.7 12.4 (2) Priority WasteHoldings LLC,Priority WasteHoldings IndianaLLC and PriorityWaste SuperHoldings, LLC (13) Solid waste servicesprovider First lien seniorsecured loan 11.99% SOFR (Q) 8.00% 08/2023 08/2029 35.0 34.6 29.4 (2)(9) First lien seniorsecured loan 11.99% SOFR (Q) 8.00% 06/2024 08/2029 11.1 10.5 9.4 (2)(9) First lien seniorsecured loan 14.73%PIK SOFR (M) 11.00% 12/2025 08/2029 2.5 2.5 2.3 (2)(9) Warrant topurchase units ofClass A commonunits 08/2023 08/2036 38,235 0.6 — (2) Warrant topurchase units ofClass A commonunits 06/2024 06/2036 6,400 0.9 — (2) 49.1 41.1 Pritchard Industries,LLC and LJ PritchardTopCo Holdings,LLC Provider ofjanitorial andfacilitiesmanagementservices First lien seniorsecured loan 9.57% SOFR (Q) 5.75% 10/2021 10/2027 66.3 66.3 61.7 (2)(9) First lien seniorsecured loan 9.82% SOFR (Q) 6.00% 11/2023 10/2027 18.8 18.8 17.7 (2)(9) Class A units 10/2021 8,749,201 9.0 4.7 (2) 94.1 84.1 PS OperatingCompany LLC andPS Op Holdings LLC(5) Specialty distributorand solutionsprovider to theswine and poultrymarkets First lien seniorsecured revolvingloan 12/2021 12/2026 5.5 4.3 1.8 (2)(8) First lien seniorsecured loan 12/2021 12/2026 19.1 15.5 6.1 (2)(8) Common unit 12/2021 279,200 7.4 — (2) 27.2 7.9 PSC Parent, Inc. (13) Provider ofoperational servicesfor USpetrochemical andrefining companies First lien seniorsecured revolvingloan 8.97% SOFR (M) 5.25% 04/2024 04/2030 2.0 2.0 2.0 (2)(9)(12) First lien seniorsecured loan 8.98% SOFR (M) 5.25% 04/2024 04/2031 54.2 54.2 54.2 (2)(9) 56.2 56.2 R2 Acquisition Corp. Marketing services Common stock 05/2007 250,000 0.2 0.4 (2) RE CommunityHoldings GP, LLCand RE CommunityHoldings, LP Operator ofmunicipal recyclingfacilities Limitedpartnershipinterest 03/2011 2.49% — — (2) Limitedpartnershipinterest 03/2011 2.86% — — (2) — — RegistrarIntermediate, LLCand PSP RegistrarCo-Investment Fund,L.P. (13) Provider of FDAregistration andconsulting services First lien seniorsecured revolvingloan 8.78% SOFR (Q) 5.00% 08/2021 08/2029 2.7 2.7 2.7 (2)(9) First lien seniorsecured loan 8.82% SOFR (Q) 5.00% 08/2021 08/2029 3.5 3.5 3.5 (2)(9) First lien seniorsecured loan 8.77% SOFR (Q) 5.00% 03/2025 08/2029 6.2 6.2 6.0 (2)(9) Limited partnerinterests 08/2021 1.09% 2.7 1.8 (2) See accompanying notes to consolidated financial statements. F-36
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets 15.1 14.0 Research NowGroup, LLC andDynata, LLC andNew InsightHoldings, Inc. Provider ofoutsourced datacollection to themarket researchindustry Common units 07/2024 49 — — (2) Warrants topurchase sharesof common stock 07/2024 07/2028 142 — — (2) — — Rodeo AcquisitionCoLLC (13) Provider of foodinspection andrecovery services First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 07/2021 07/2029 26.6 26.6 26.6 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 10/2025 07/2029 3.8 3.8 3.8 (2)(9) 30.4 30.4 Saturn PurchaserCorp. (13) Private aviationmanagementcompany First lien seniorsecured loan 8.71% SOFR (Q) 4.85% 07/2023 07/2030 1.7 1.7 1.7 (2)(9) SGM AcquisitionSub, LLC and SchillHoldings, LP (13) Provider oflandscape designand planning, andsnow removalservices First lien seniorsecured loan 8.72% SOFR (Q) 5.00% 12/2025 12/2031 26.2 26.2 26.1 (2)(9) Common units 12/2025 1,492,000 1.5 1.5 27.7 27.6 SSE Buyer, Inc.,Supply SourceEnterprises, Inc.,Impact ProductsLLC, The SafetyZone, LLC and SSEParent, LP Manufacturer anddistributor ofpersonal protectionequipment,commercialcleaning,maintenance andsafety products Limitedpartnership classA-1 units 06/2020 2,173 1.1 — (2) Limitedpartnership classA-2 units 06/2020 2,173 1.1 — (2) 2.2 — Startec Equity, LLC(5) Communicationservices Member interest 04/2010 190,581 — — SV Newco 2, Inc. andSite 2020Incorporated (13) Provider ofoutsourced trafficcontrol safetyservices First lien seniorsecured revolvingloan 05/2024 06/2031 — — — (2)(6)(11) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 05/2024 06/2031 14.5 14.5 14.5 (2)(6)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 09/2025 06/2031 4.0 4.0 4.0 (2)(6)(9) 18.5 18.5 Systems Planning andAnalysis, Inc. (13) Provider of systemsengineering andtechnical assistanceto the US DoD First lien seniorsecured revolvingloan 8.50% SOFR (M) 4.75% 05/2022 08/2027 0.4 0.4 0.4 (2)(9)(12) First lien seniorsecured revolvingloan 10.50% Base Rate(Q) 3.75% 05/2022 08/2027 1.1 1.1 1.1 (2)(9)(12) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 05/2022 08/2027 1.0 1.0 1.0 (2)(9) 2.5 2.5 Talon Buyer Inc. andTalon Holdings SCSP(13) Provider of firesafety and life safetyservices First lien seniorsecured loan 8.39% SOFR (Q) 4.50% 07/2025 07/2032 18.4 18.4 18.2 (2)(9) Class A units 07/2025 6,445,000 6.4 8.0 (2)(6) 24.8 26.2 The HillerCompanies, LLC (13) Provider of fireprotection and lifesafety products First lien seniorsecured revolvingloan 06/2024 06/2030 — — — (2)(11) First lien seniorsecured loan 8.72% SOFR (M) 5.00% 06/2024 06/2030 48.5 48.5 48.5 (2)(9) First lien seniorsecured loan 8.54% SOFR (M) 4.75% 07/2025 06/2030 4.1 4.1 4.1 (2)(9) 52.6 52.6 See accompanying notes to consolidated financial statements. F-37
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Thermostat PurchaserIII, Inc. (13) Provider ofcommercial HVACequipmentmaintenance andrepair services First lien seniorsecured revolvingloan 08/2021 08/2028 — — — (2)(11) Second lien seniorsecured loan 11.22% SOFR (Q) 7.25% 08/2021 08/2029 23.0 23.0 23.0 (2)(9) 23.0 23.0 TSS Buyer, LLC Provider ofoutsourced testing,inspection,certification, andcompliance servicesto healthcare andlife sciences endmarkets First lien seniorsecured loan 9.34% SOFR (Q) 5.50% 07/2023 06/2029 2.6 2.5 2.6 (2)(9) TVG-MGT UpperIntermediateHoldings, LLC Managementconsulting firmservicing education,technology andpublic sectors Seniorsubordinated loan 14.00%PIK 08/2025 08/2031 26.1 26.1 25.3 (2) Class A commonunits 08/2025 2,712 4.1 4.1 (2) 30.2 29.4 Unity Purchaser,LLC and UnityUltimate Holdings,LP (13) Provider ofspecialtymechanical servicesfor critical HVAC,plumbing, andrelated systems First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 01/2025 01/2031 12.6 12.6 12.6 (2)(9) Class A-1 units 01/2025 2,068,000 2.1 2.0 (2) 14.7 14.6 UP Intermediate IILLC and UPBWBlocker LLC (13) Provider ofessentialmechanical,electrical andplumbing servicesto commercialcustomers First lien seniorsecured revolvingloan 03/2024 03/2031 — — — (2)(11) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 07/2025 03/2032 15.2 15.2 15.2 (2)(9) Senior PreferredUnits 15.00%PIK 07/2025 10,340 1.1 1.1 (2) Common units 03/2024 60,470 6.0 7.2 (2) Common units 09/2024 3,918 0.3 0.5 (2) 22.6 24.0 Valcourt Holdings II,LLC and JobsHoldings, Inc. Provider of windowcleaning andbuilding facademaintenance andrestoration services First lien seniorsecured loan 9.01% SOFR (Q) 5.00% 11/2023 11/2029 58.8 58.8 58.8 (2)(9) Visual EdgeTechnology, Inc.,VEIT, LLC, andVEIT Topco, LLC(5)(13) Provider ofoutsourced officesolutions with afocus on printer andcopier equipmentand other parts andsupplies First lien seniorsecured revolvingloan 8.60% SOFR (S) 5.00% 12/2025 01/2029 1.0 1.0 1.0 (2)(9) First lien seniorsecured loan 8.60% SOFR (S) 5.00% 12/2025 01/2029 2.6 2.6 2.6 (2)(9) First lien seniorsecured loan 10.82%(3.50%PIK) SOFR (M) 7.00% 07/2023 01/2029 34.1 33.6 34.1 (2)(9) First lien seniorsecured loan 15.67%PIK SOFR (Q) 12.00% 07/2023 01/2029 7.2 7.1 7.2 (2)(9) First lien seniorsecured loan 15.84%PIK SOFR (Q) 12.00% 12/2025 01/2029 9.5 9.5 9.5 (2)(9) Common units 12/2025 947,000 17.5 17.5 (2) 71.3 71.9 VRC Companies,LLC (13) Provider of recordsand informationmanagementservices Seniorsubordinated loan 12.00%(2.00%PIK) 05/2022 06/2028 5.3 5.4 5.3 (2) See accompanying notes to consolidated financial statements. F-38
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % of NetAssets W.S. Connelly &Co., LLC and WSCUltimate Holdings,LLC (13) Provider ofagronomicsproducts forlandscapers,contractors and golfcourse end users First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 05/2024 05/2030 23.4 23.4 23.4 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 04/2025 05/2030 4.3 4.3 4.3 (2)(9) Class A preferredunits 10.00%PIK 05/2024 9,260 1.1 1.1 Class A commonunits 05/2024 862 — 0.4 28.8 29.2 XIFIN, Inc. and ACPCharger Co-InvestLLC Revenue cyclemanagementprovider to labs Class A units 02/2020 180,000 1.8 4.5 (2) Class B units 12/2021 46,363 0.9 2.2 (2) 2.7 6.7 Zinc BuyerCorporation andMarmic Fire &Safety Co., Inc. (13) Provider ofrecurring fireprotection services First lien seniorsecured revolvingloan 07/2024 07/2031 — — — (2)(11) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 07/2024 07/2031 12.8 12.8 12.8 (2)(9) 12.8 12.8 2,806.9 2,776.7 19.39% Consumer Services Aimbridge Topco,LLC Hotel operator Common units 03/2025 56,310 3.3 3.4 (2) American ResidentialServices L.L.C. andAragorn ParentHoldings LP Heating, ventilationand air conditioningservices provider Series A preferredunits 10.00%PIK 10/2020 2,531,500 3.6 7.3 (2) Apex ServicePartners, LLC andApex ServicePartners Holdings,LLC (13) Provider ofresidential HVAC,plumbing, andelectricalmaintenance andrepair services First lien seniorsecured revolvingloan 8.71% SOFR (Q) 5.00% 10/2023 10/2029 2.3 2.3 2.3 (2)(9)(12) First lien seniorsecured loan 8.81% SOFR (Q) 5.00% 09/2024 10/2030 199.9 199.7 199.9 (2)(9) Series B commonunits 10/2023 262,165 7.2 11.4 209.2 213.6 Belfor Holdings, Inc.(13) Disaster recoveryservices provider First lien seniorsecured revolvingloan 04/2019 01/2026 — — — (2)(11) Birdie Bidco, Inc.(13) Golf club ownerandoperator First lien seniorsecured revolvingloan 8.17% SOFR (Q) 4.50% 11/2025 11/2032 0.4 0.4 0.4 (2)(9) First lien seniorsecured revolvingloan 10.25% Base Rate(Q) 3.50% 11/2025 11/2032 0.2 0.2 0.2 (2)(9) First lien seniorsecured loan 8.42%(2.25%PIK) SOFR (Q) 4.75% 11/2025 11/2032 19.9 19.9 19.8 (2)(9) 20.5 20.4 Calera XXVIII, LLC(14) Residential floorcoating provider Common units 12/2025 5,420,161 5.4 5.4 (2)(6) Clarion HomeServices Group, LLCand LBC BreezeHoldings LLC (13) Provider of HVACand plumbingservices toresidential andcommercialcustomers First lien seniorsecured revolvingloan 9.93% SOFR (Q) 6.00% 12/2021 12/2027 0.9 0.9 0.8 (2)(9) First lien seniorsecured revolvingloan 11.75% Base Rate(Q) 5.00% 12/2021 12/2027 0.1 0.1 0.1 (2)(9) See accompanying notes to consolidated financial statements. F-39
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets First lien seniorsecured loan 11.98%(6.00%PIK) SOFR (Q) 8.00% 12/2021 12/2027 3.5 3.5 3.1 (2)(9) First lien seniorsecured loan 12.05%(6.25%PIK) SOFR (Q) 8.25% 03/2023 12/2027 6.8 6.8 6.2 (2)(9) Class A units 12/2021 4,296 4.3 1.1 15.6 11.3 ClubCorp Holdings,Inc. (13) A manager of golfand country clubsthroughout theUnited States First lien seniorsecured loan 8.67% SOFR (Q) 5.00% 07/2025 07/2032 40.6 40.6 40.6 (2)(9) CMG HoldCo, LLCand CMG BuyerHoldings, Inc. (13) Provider ofcommercial HVACequipmentmaintenance andrepair services First lien seniorsecured loan 8.20% SOFR (S) 4.50% 05/2022 11/2030 21.0 21.0 21.0 (2)(9) First lien seniorsecured loan 8.28% SOFR (S) 4.50% 11/2023 11/2030 2.8 2.8 2.8 (2)(9) Common stock 05/2022 302 3.1 7.7 (2) 26.9 31.5 CST HoldingCompany (13) Provider of ignitioninterlock devices First lien seniorsecured loan 8.82% SOFR (M) 5.00% 11/2022 11/2028 11.4 11.4 11.4 (2)(9) First lien seniorsecured loan 8.82% SOFR (M) 5.00% 07/2024 11/2028 0.1 0.1 0.1 (2)(9) 11.5 11.5 Davidson HotelCompany LLC (13) Provider of hoteloperations solutionsand advisoryservices First lien seniorsecured loan 8.72% SOFR (M) 5.00% 10/2024 10/2031 8.3 8.3 8.3 (2)(9) Equinox Holdings,Inc. Operator of luxury,full-service healthfitness clubs First lien seniorsecured loan 11.92%(4.13%PIK) SOFR (Q) 8.25% 03/2024 03/2029 46.2 45.5 46.2 (2)(9) Second liensenior securedloan 16.00%PIK 03/2024 06/2027 4.6 4.5 4.6 (2) 50.0 50.8 Essential ServicesHolding Corporationand OMERSMahomes InvestmentHoldings LLC (13) Provider ofplumbing andHVAC services First lien seniorsecured revolvingloan 8.88% SOFR (Q) 5.00% 06/2024 06/2030 7.8 7.8 7.6 (2)(9)(12) First lien seniorsecured loan 8.88% SOFR (Q) 5.00% 06/2024 06/2031 151.5 151.5 147.0 (2)(9) Preferred units 15.00%PIK 07/2023 685 9.2 9.2 (2) Class A units 11/2020 6,447 22.9 25.9 (2) 191.4 189.7 Eternal Aus BidcoPty Ltd (13) Operator ofcemetery,crematoria andfuneral services First lien seniorsecured loan 8.71% BBSY (S) 5.00% 11/2023 10/2029 3.8 3.7 3.8 (2)(6)(9) Excel FitnessConsolidator LLC,Health Buyer LLCand Excel FitnessHoldings, Inc. (13) Fitness facilityoperator First lien seniorsecured revolvingloan 8.48% SOFR (M) 4.75% 11/2025 04/2030 0.7 0.7 0.7 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 05/2024 04/2030 12.9 12.8 12.9 (2)(9) 13.5 13.6 Fitness VenturesHoldings, Inc. andMeaningful PartnersFitness Ventures Co-Investment LP (4) Crunch Fitnessfranchisee First lien seniorsecured revolvingloan 7.73% SOFR (M) 4.00% 08/2024 08/2030 2.5 2.5 2.5 (2)(9) First lien seniorsecured loan 8.99% SOFR (M) 5.25% 08/2024 08/2031 10.5 10.5 10.5 (2)(9) Common units 07/2024 11,957,000 12.0 12.3 (2) 25.0 25.3 Flinn Scientific, Inc.and WCI-QuantumHoldings, Inc. (13) Distributor ofinstructionalproducts, servicesand resources First lien seniorsecured revolvingloan 9.22% SOFR (Q) 5.50% 08/2018 04/2026 4.0 4.0 4.0 (2)(9)(12) See accompanying notes to consolidated financial statements. F-40
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets First lien seniorsecured loan 9.43% SOFR (Q) 5.50% 07/2017 04/2026 28.7 28.7 28.4 (2)(9) First lien seniorsecured loan 9.43% SOFR (Q) 5.50% 08/2018 04/2026 1.1 1.1 1.1 (2)(9) First lien seniorsecured loan 9.43% SOFR (Q) 5.50% 06/2024 04/2026 7.4 7.4 7.3 (2)(9) First lien seniorsecured loan 9.60% SOFR (Q) 5.50% 05/2025 04/2026 5.0 5.0 4.9 (2)(9) Series A preferredstock 10/2014 1,272 0.7 0.9 (2) 46.9 46.6 Flint OpCo, LLC(13) Provider ofresidential HVACand plumbingservices First lien seniorsecured loan 8.59% SOFR (Q) 4.75% 08/2023 08/2030 6.9 6.9 6.9 (2)(9) First lien seniorsecured loan 8.55% SOFR (Q) 4.75% 05/2024 08/2030 3.6 3.6 3.6 (2)(9) 10.5 10.5 GS SEER GroupBorrower LLC andGS SEER GroupHoldings LLC (13) Provider ofcommercial andresidential HVAC,electrical, andplumbing services First lien seniorsecured revolvingloan 10.52% SOFR (M) 6.75% 04/2023 04/2029 0.8 0.8 0.8 (2)(9)(12) First lien seniorsecured loan 10.42% SOFR (Q) 6.75% 04/2023 04/2030 24.3 24.3 23.6 (2)(9) Class A commonunits 04/2023 4,424 4.4 2.1 (2) 29.5 26.5 Helios ServicePartners, LLC andAstra ServicePartners, LLC (13) Critical HVAC,refrigeration, andplumbing servicesfor commercialbusinesses First lien seniorsecured loan 8.34% SOFR (Q) 4.50% 11/2025 11/2032 43.5 43.5 43.1 (2)(9) HGC Holdings, LLC(13) Operator of golffacilities First lien seniorsecured loan 8.24% SOFR (M) 4.50% 06/2025 06/2029 79.6 79.6 79.6 (2)(9) IFH FranchiseeHoldings, LLC (13) Operator of fitnesscenters First lien seniorsecured revolvingloan 7.87% SOFR (Q) 4.00% 12/2024 12/2029 4.3 4.3 4.3 (2)(9) First lien seniorsecured loan 9.37% SOFR (Q) 5.50% 12/2024 12/2029 54.7 54.7 54.7 (2)(9) 59.0 59.0 Infinity HomeServices Holdco,Inc., D'Angelo &Sons ConstructionLimited and IHSParent Holdings, L.P.(13) Provider ofresidential roofingand exterior repairand replacementservices First lien seniorsecured loan 9.67% SOFR (Q) 6.00% 12/2022 12/2028 14.5 14.5 14.5 (2)(6)(9) First lien seniorsecured loan 9.67% SOFR (Q) 6.00% 11/2023 12/2028 6.3 6.3 6.3 (2)(6)(9) First lien seniorsecured loan 8.26% CORRA(Q) 6.00% 11/2023 12/2028 1.3 1.3 1.3 (2)(6)(9) First lien seniorsecured loan 9.17% SOFR (Q) 5.50% 10/2024 12/2028 5.5 5.5 5.5 (2)(6)(9) Class A units 12/2022 9,524,000 9.5 11.0 (2)(6) 37.1 38.6 LeviathanIntermediate Holdco,LLC and LeviathanHoldings, L.P. (13) Franchisingplatform offeringadolescentdevelopmentprograms First lien seniorsecured loan 9.67% SOFR (Q) 6.00% 12/2022 12/2027 30.0 30.0 30.0 (2)(9) First lien seniorsecured loan 9.67% SOFR (Q) 6.00% 01/2025 12/2027 1.4 1.4 1.4 (2)(9) Limitedpartnershipinterests 12/2022 2,149,690 2.1 2.8 33.5 34.2 LHS Borrower, LLC,LH Equity Investors,L.P., Leaf Home,LLC and GC FundIV Blocker LLC (13) A direct-to-consumer homesolutions andresidentialimprovementsplatform First lien seniorsecured revolvingloan 11.00% Base rate(Q) 4.25% 09/2025 09/2031 1.3 1.3 1.2 (2)(9) First lien seniorsecured loan 8.97% SOFR (M) 5.25% 09/2025 09/2031 172.7 172.7 171.0 (2)(9) See accompanying notes to consolidated financial statements. F-41
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Limitedpartnership units 09/2025 64,787 67.3 67.6 (2) 241.3 239.8 ME Equity LLC Franchisor in themassage industry Common stock 09/2012 3,000,000 3.0 4.9 (2) Modigent, LLC andOMERS PMCInvestment HoldingsLLC (13) Provider ofcommercial HVACservices First lien seniorsecured loan 8.92% SOFR (Q) 5.25% 08/2022 08/2028 12.2 12.2 12.2 (2)(9) First lien seniorsecured loan 8.92% SOFR (Q) 5.25% 09/2023 08/2028 6.3 6.3 6.3 (2)(9) Preferred units 14.00%PIK 05/2025 82 0.9 0.9 (2) Class A units 08/2022 1,001 9.7 10.0 (2) 29.1 29.4 Mustang ProspectsPurchaser, LLC,Senske Acquisition,Inc., and MustangProspects Holdco,LLC (13) Provider of lawncare, tree care andpest controlservices First lien seniorsecured revolvingloan 8.72% SOFR (M) 5.00% 06/2024 06/2031 0.3 0.3 0.3 (2)(9)(12) First lien seniorsecured loan 8.69% SOFR (Q) 5.00% 06/2024 06/2031 27.9 27.9 27.9 (2)(9) First lien seniorsecured loan 8.72% SOFR (M) 5.00% 08/2025 06/2031 1.1 1.1 1.1 (2)(9) Class A preferredunits 09/2024 678 0.7 0.6 Class B commonunits 09/2024 677,504 0.3 0.3 30.3 30.2 North Haven FairwayBuyer, LLC andFairway Lawns, LLC(13) Provider oflawncare services First lien seniorsecured revolvingloan 8.73% SOFR (Q) 5.00% 12/2022 05/2028 3.9 3.9 3.9 (2)(9) First lien seniorsecured loan 8.77% SOFR (Q) 5.00% 12/2022 05/2028 17.5 17.5 17.5 (2)(9) First lien seniorsecured loan 8.82% SOFR (Q) 5.00% 06/2024 05/2028 5.0 5.0 5.0 (2)(9) First lien seniorsecured loan 8.90% SOFR (Q) 5.00% 02/2025 05/2028 10.1 10.1 10.1 (2)(9) 36.5 36.5 Northwinds Holding,Inc. and NorthwindsServices Group LLC(13) Provider of HVACand plumbingservices First lien seniorsecured loan 9.30% SOFR (Q) 5.25% 05/2023 05/2029 26.7 26.7 26.7 (2)(9) First lien seniorsecured loan 9.26% SOFR (Q) 5.25% 08/2024 05/2029 6.1 6.1 6.1 (2)(9) First lien seniorsecured loan 9.26% SOFR (Q) 5.25% 06/2025 05/2029 2.1 2.1 2.1 (2)(9) Common units 05/2023 2,911,607 4.0 4.8 (2) 38.9 39.7 OTG ConcessionsManagement, LLCand Octa ParentHoldings, LLC Airport restaurantoperator Second lien notes 10.00%PIK 02/2024 02/2031 8.8 8.8 8.2 (2) Participationrights 02/2024 02/2054 1 — — (2) 8.8 8.2 PestCo Holdings,LLC and PestCo,LLC (13) Provider of pestcontrol services tothe residential andcommercialmarkets First lien seniorsecured loan 8.59% SOFR (Q) 4.75% 08/2025 08/2030 19.0 18.9 18.9 (2)(9) Class A units 01/2023 139 1.9 2.9 20.8 21.8 Pinnacle MEPIntermediate HoldcoLLC and BPCPPinnacle Holdings,Inc. (13) Provider ofcommercial andresidential HVAC,electrical &plumbing services First lien seniorsecured revolvingloan 10.50%(1.50%PIK) SOFR (Q) 6.75% 10/2024 10/2030 0.7 0.7 0.7 (2)(9) First lien seniorsecured loan 10.68%(1.50%PIK) SOFR (Q) 6.75% 10/2024 10/2030 6.6 6.6 6.1 (2)(9) See accompanying notes to consolidated financial statements. F-42
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Common stock 10/2024 667 0.7 0.1 (2) 8.0 6.9 Premiere Buyer, LLC(13) Third-partyresidential propertymanager for multi-family residentialproperties in theUnited States First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 05/2024 05/2031 5.5 5.5 5.5 (2)(9) First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 04/2025 05/2031 1.0 1.0 1.0 (2)(9) 6.5 6.5 Pyramid-BMCIntermediateCo I,LLC and PyramidInvestors, LLC (13) Hotel operator First lien seniorsecured loan 9.11% SOFR (Q) 5.25% 01/2023 01/2028 7.3 7.3 7.3 (2)(9) First lien seniorsecured loan 9.11% SOFR (Q) 5.25% 10/2024 01/2028 2.6 2.6 2.6 (2)(9) Preferredmembership units 8.00%PIK 07/2016 996,833 1.3 3.2 11.2 13.1 Quick Quack CarWash Holdings, LLCand KKR GameChanger Co-InvestFeeder II L.P. (13) Car wash operator First lien seniorsecured loan 8.47% SOFR (M) 4.75% 05/2024 06/2031 5.6 5.6 5.6 (2)(9) First lien seniorsecured loan 8.47% SOFR (M) 4.75% 06/2025 06/2031 6.4 6.4 6.4 (2)(9) Limitedpartnershipinterest 06/2024 11,184,000 11.2 13.8 (2) 23.2 25.8 Radiant IntermediateHolding, LLC Provider of HVAC,plumbing andelectrical services First lien seniorsecured loan 9.92% SOFR (Q) 6.00% 04/2023 11/2026 2.1 2.1 1.9 (2)(9) Redwood Services LP(13) Provider ofresidential HVACand plumbingservices First lien seniorsecured revolvingloan 06/2025 06/2032 — — — (2)(11) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 06/2025 06/2032 27.2 27.2 27.2 (2)(9) 27.2 27.2 Saber ParentHoldings Corp. andMSHC, Inc. (13) Provider ofaftermarketmaintenance, repair,and replacementservices forcommercial HVACequipments First lien seniorsecured loan 8.23% SOFR (Q) 4.50% 12/2025 12/2032 22.8 22.8 22.7 (2) Safe Home Security,Inc., Security SystemsInc., Safe HomeMonitoring, Inc.,National ProtectiveServices, Inc., BrightIntegrations LLC andMedguard Alert, Inc. Provider of safetysystems forbusiness andresidentialcustomers First lien seniorsecured loan 10.43%(1.00%PIK) SOFR (M) 6.00% 08/2020 05/2026 24.0 24.0 23.5 (2)(9) Taymax Group, L.P.,Taymax Group G.P.,LLC, PF SalemCanada ULC andTCP Fit Parent, L.P.(13) Planet Fitnessfranchisee First lien seniorsecured revolvingloan 8.94% SOFR (M) 5.13% 07/2018 08/2027 0.2 0.2 0.2 (2)(9) First lien seniorsecured revolvingloan 9.32% SOFR (M) 5.50% 01/2024 07/2027 0.1 0.1 0.1 (2)(9) First lien seniorsecured loan 8.90% SOFR (M) 5.08% 03/2020 08/2027 1.3 1.3 1.3 (2)(9) First lien seniorsecured loan 9.32% SOFR (M) 5.50% 01/2024 08/2027 0.4 0.4 0.4 (2)(9) First lien seniorsecured loan 8.57% SOFR (M) 4.75% 11/2025 07/2027 4.1 4.1 4.1 (2)(9) Class A units 07/2018 37,020 3.8 9.4 9.9 15.5 See accompanying notes to consolidated financial statements. F-43
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets The Arcticom Group,LLC and AMCPMechanicalHoldings, LP (13) Refrigeration,heating, ventilationand air conditioningservices provider First lien seniorsecured revolvingloan 11.72%(4.50%PIK) SOFR (M) 8.00% 12/2021 12/2027 12.6 12.6 12.5 (2)(9) First lien seniorsecured loan 11.72%(4.50%PIK) SOFR (M) 8.00% 12/2021 12/2027 0.2 0.2 0.2 (2)(9) First lien seniorsecured loan 11.72%(4.50%PIK) SOFR (M) 8.00% 08/2022 12/2027 0.2 0.2 0.2 (2)(9) First lien seniorsecured loan 11.72%(4.50%PIK) SOFR (M) 8.00% 04/2023 12/2027 1.7 1.7 1.7 (2)(9) First lien seniorsecured loan 11.72%(4.50%PIK) SOFR (M) 8.00% 10/2023 12/2027 5.5 5.5 5.5 (2)(9) First lien seniorsecured loan 11.72%(4.50%PIK) SOFR (M) 8.00% 08/2024 12/2027 11.1 11.0 10.9 (2)(9) Class A units 12/2021 8,493,698 8.5 6.7 Class C units 03/2023 333,510 — — 39.7 37.7 Triwizard Holdings,Inc. and TriwizardParent, LP (13) Parkingmanagement andhospitality servicesprovider First lien seniorsecured revolvingloan 8.86% SOFR (Q) 5.00% 06/2023 06/2029 1.5 1.5 1.5 (2)(9)(12) Class A-2common units 06/2023 30,000 3.0 5.3 (2) 4.5 6.8 TSWT Acquisition,Inc. and TSWTHoldings, LLC (13) Provider ofresidential homeservices specializingin HVAC, electricaland plumbingservices First lien seniorsecured revolvingloan 8.73% SOFR (M) 5.00% 11/2025 11/2031 0.1 0.1 0.1 (2)(9) First lien seniorsecured loan 8.73% SOFR (M) 5.00% 11/2025 11/2031 16.3 16.3 16.1 (2)(9) Class A units 11/2025 42 0.9 0.9 (2) 17.3 17.1 Vertex ServicePartners, LLC andVertex ServicePartners Holdings,LLC (13) Provider ofresidential roofingrepair &replacement First lien seniorsecured revolvingloan 9.67% SOFR (Q) 6.00% 11/2023 11/2030 0.4 0.4 0.4 (2)(9) First lien seniorsecured loan 9.67%(4.14%PIK) SOFR (Q) 6.00% 11/2023 11/2030 15.2 15.2 14.0 (2)(9) First lien seniorsecured loan 9.67%(3.83%PIK) SOFR (Q) 6.00% 10/2024 11/2030 3.0 3.0 2.7 (2)(9) Class B commonunits 11/2023 212 0.2 0.1 18.8 17.2 Vista HigherLearning, LLC Developer of printand digital languagelearning solutionsfor K–12 and highereducationinstitutions First lien seniorsecured loan 8.46% SOFR (Q) 4.75% 09/2025 09/2031 33.0 33.0 32.6 (2)(9) YE Brands Holdings,LLC (13) Sports campoperator First lien seniorsecured revolvingloan 8.42% SOFR (Q) 4.75% 10/2021 10/2027 0.6 0.6 0.6 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 10/2021 10/2027 0.1 0.1 0.1 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 06/2022 10/2027 7.9 7.9 7.9 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 09/2023 10/2027 3.6 3.6 3.6 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 01/2024 10/2027 2.8 2.8 2.8 (2)(9) 15.0 15.0 See accompanying notes to consolidated financial statements. F-44
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets ZBS MechanicalGroup Co-InvestFund 2, LLC andZBS MechanicalGroup Co-Invest IIFund 2, LLC Provider ofresidential HVACand plumbingservices Membershipinterest 10/2021 2,771,000 1.4 7.4 Membershipinterest 02/2025 264,161 0.3 1.4 1.7 8.8 1,641.7 1,663.4 11.62% Insurance 15484880 CanadaInc. and 15484910Canada Inc. (13) Independentinsurance broker First lien seniorsecured revolvingloan 7.82% CORRA(Q) 5.25% 04/2025 04/2031 0.4 0.4 0.4 (2)(6)(9) First lien seniorsecured loan 7.82% CORRA(Q) 5.25% 04/2025 04/2031 29.2 28.0 29.2 (2)(6)(9) Seniorsubordinated loan 14.00%PIK 04/2025 04/2035 14.7 14.2 14.7 (2)(6) Class A2 shares 04/2025 19,825,189 13.8 13.8 (2)(6) 56.4 58.1 Acrisure, LLC Independentproperty andcasualty insurancebrokerage First lien seniorsecured loan 6.72% SOFR (M) 3.00% 10/2023 11/2030 0.2 0.2 0.2 (2)(16) AQ Sunshine, Inc.(13) Specializedinsurance broker First lien seniorsecured revolvingloan 8.67% SOFR (Q) 5.00% 07/2024 07/2030 1.9 1.9 1.9 (2)(9)(12) First lien seniorsecured loan 8.67% SOFR (Q) 5.00% 07/2024 07/2031 116.7 116.7 116.7 (2)(9) 118.6 118.6 Ardonagh Midco 3Limited, ArdonaghGroup Finco PtyLimited, ArdonaghFinco LLC,Ardonagh FincoB.V., and MDCP Co-Investors (Jade I),L.P. Insurance brokerand underwritingservicer Limitedpartnershipinterest 06/2025 17,510,000 24.1 26.3 (2)(6) Bellwether Buyer,L.L.C. andBellwether Topco VBuyer, Inc. (13) Insurance programadministrator First lien seniorsecured loan 8.23% SOFR (M) 4.50% 04/2025 04/2032 14.7 14.7 14.7 (2)(9) Benecon Midco IILLC and BeneconHoldings, LLC (13) Employee benefitsprovider for smalland mid-sizeemployers First lien seniorsecured loan 8.19% SOFR (Q) 4.50% 01/2024 01/2031 21.0 21.0 21.0 (2)(9) Class A units 01/2024 7,796,550 27.1 35.2 48.1 56.2 Captive ResourcesMidco, LLC (13) Provider ofindependentconsulting servicesto member-ownedgroup captives First lien seniorsecured loan 8.22% SOFR (M) 4.50% 07/2022 07/2029 5.8 5.8 5.8 (2)(9) Daylight Beta ParentLLC and CFCo, LLC(4) Health insurancesales platformprovider First lien seniorsecured loan 09/2023 09/2033 14.6 12.0 1.2 (2)(8) First lien seniorsecured loan 09/2023 09/2038 20.8 0.5 — (2) Class B units 09/2023 32,391,330 — — (2) 12.5 1.2 Diamond Mezzanine24 LLC (13) Property andcasualty insuranceunderwriting anddistributionplatform First lien seniorsecured revolvingloan 8.84% SOFR (Q) 5.00% 10/2024 10/2030 0.3 0.3 0.3 (2)(9) First lien seniorsecured loan 8.84% SOFR (Q) 5.00% 10/2024 10/2030 19.4 19.4 19.4 (2)(9) 19.7 19.7 DOXA InsuranceHoldings LLC andRocket Co-Invest,SLP (13)(14) Managing generalagent insurancedistributionplatform First lien seniorsecured revolvingloan 8.17% SOFR (Q) 4.50% 12/2023 12/2029 0.2 0.2 0.2 (2)(9)(12) See accompanying notes to consolidated financial statements. F-45
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 12/2023 12/2030 18.3 18.3 18.3 (2)(9) First lien seniorsecured loan 8.34% SOFR (Q) 4.50% 05/2024 12/2030 2.3 2.3 2.3 (2)(9) Limitedpartnershipinterest 03/2024 1,348,309 1.3 1.9 (2)(6) 22.1 22.7 Forza InsuranceHoldings, LLC Operator ofinsurance brandsand platforms First lien seniorsecured loan 9.42% SOFR (Q) 5.75% 02/2025 02/2030 38.7 38.7 38.7 (2)(9) Foundation RiskPartners, Corp. (13) Full serviceindependentinsurance agency First lien seniorsecured revolvingloan 8.42% SOFR (Q) 4.75% 10/2021 10/2029 7.0 7.0 7.0 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 10/2021 10/2030 66.6 66.6 66.6 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 04/2022 10/2030 9.2 9.2 9.2 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 11/2023 10/2030 17.2 17.2 17.2 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 05/2024 10/2030 16.3 16.3 16.3 (2)(9) 116.3 116.3 Galway BorrowerLLC (13) Insurance serviceprovider First lien seniorsecured revolvingloan 8.19% SOFR (Q) 4.50% 09/2021 09/2028 1.9 1.9 1.9 (2)(9)(12) First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 09/2021 09/2028 8.3 8.3 8.3 (2)(9) 10.2 10.2 Gestion ABS BidcoInc. / ABS BidcoHoldings Inc. (13) Insurance broker First lien seniorsecured loan 7.25% CORRA(M) 5.00% 03/2024 03/2031 9.7 9.8 9.7 (2)(6)(9) First lien seniorsecured loan 7.27% CDOR (Q) 5.00% 03/2024 03/2031 0.3 0.3 0.3 (2)(6)(9) 10.1 10.0 HigginbothamInsurance Agency,Inc., HIG OperationsHoldings, Inc., andHIG Intermediate,Inc. (13) Independent retailinsurance broker First lien seniorsecured loan 8.22% SOFR (M) 4.50% 08/2023 06/2031 9.1 9.1 9.1 (2)(9) Series A preferredshares 10.50% 12/2024 1,000 1.0 1.0 (2) 10.1 10.1 High Street Buyer,Inc. and High StreetHoldco LLC (13)(14) Insurance brokerageplatform First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 04/2021 04/2028 22.1 22.1 22.1 (2)(9) First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 08/2021 04/2028 0.1 0.1 0.1 (2)(9) First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 02/2022 04/2028 19.4 19.4 19.4 (2)(9) First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 03/2024 04/2028 4.0 4.0 4.0 (2)(9) Series A preferredunits 10.00%PIK 04/2021 172,211,694 248.0 248.0 (2) Series A preferredunits 10.00%PIK 12/2023 20,106,667 24.7 24.7 (2) Series A preferredunits 10.00%PIK 04/2024 1,386,667 1.6 1.6 (2) Series A preferredunits 10.00%PIK 07/2024 4,506,667 5.2 5.2 (2) Series A units 10.00%PIK 04/2021 5,562,381 9.9 16.9 (2) Series C units 10.00%PIK 04/2021 10,043,368 4.0 30.5 (2) 339.0 372.5 Inszone Mid, LLCand INSZ Holdings,LLC (13) Insurance brokeragefirm First lien seniorsecured loan 8.92% SOFR (Q) 5.25% 12/2023 11/2029 26.7 26.7 26.7 (2)(9) First lien seniorsecured loan 8.93% SOFR (Q) 5.25% 07/2024 11/2029 51.7 51.7 51.7 (2)(9) See accompanying notes to consolidated financial statements. F-46
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Limitedpartnershipinterests 11/2022 2,146,088 1.7 3.7 Common units 11/2023 8,473,000 8.5 14.7 88.6 96.8 King Risk Partners,LLC (13) Retail insurancebrokerage firm First lien seniorsecured loan 8.22% SOFR (M) 4.50% 04/2025 04/2031 13.0 13.0 13.0 (2)(9) Knight AcquireCo,LLC and KnightHoldings, LP (13) Insurance agencyand regulatoryservices provider First lien seniorsecured loan 8.37% SOFR (S) 4.50% 11/2025 11/2032 25.2 25.2 25.1 (2)(9) Class A-1common units 11/2025 213,806 2.1 2.1 (2) 27.3 27.2 Koala InvestmentHoldings, Inc. (13) Insurance brokerageplatform First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 08/2025 08/2032 24.2 24.2 24.0 (2)(9) OakBridge InsuranceAgency LLC andMaple AcquisitionHoldings, LP (13) Insurance brokerageplatform First lien seniorsecured revolvingloan 8.48% SOFR (M) 4.75% 11/2023 11/2029 0.4 0.4 0.4 (2)(9) First lien seniorsecured loan 8.47% SOFR (M) 4.75% 11/2023 11/2029 10.9 10.9 10.9 (2)(9) First lien seniorsecured loan 8.72% SOFR (M) 5.00% 06/2025 11/2029 1.3 1.3 1.3 (2)(9) Class A2 units 11/2023 115,928 2.3 2.6 (2) 14.9 15.2 Patriot GrowthInsurance Services,LLC (13) National retailinsurance agency First lien seniorsecured loan 8.82% SOFR (Q) 5.00% 10/2021 10/2028 15.5 15.4 15.5 (2)(9) People Corporation(13) Provider of groupbenefits, groupretirement andhuman resourcesservices First lien seniorsecured revolvingloan 7.82% CORRA(Q) 5.25% 02/2021 02/2027 4.2 4.1 4.2 (2)(6)(9) First lien seniorsecured loan 7.60% CORRA(Q) 5.25% 02/2021 02/2028 41.9 45.3 41.9 (2)(6)(9) First lien seniorsecured loan 7.50% CORRA(Q) 5.25% 09/2021 02/2028 24.5 25.2 24.5 (2)(6)(9) First lien seniorsecured loan 7.50% CORRA(Q) 5.25% 09/2023 02/2028 14.8 14.7 14.8 (2)(6)(9) First lien seniorsecured loan 7.58% CORRA(Q) 5.00% 12/2024 02/2028 16.1 15.9 16.1 (2)(6)(9) 105.2 101.5 SageSure Holdings,LLC and SageSureLLC (13) Insurance serviceprovider First lien seniorsecured loan 8.58% SOFR (M) 4.75% 08/2024 01/2030 51.7 51.7 51.7 (2)(9) First lien seniorsecured loan 8.58% SOFR (M) 4.75% 01/2025 01/2030 49.5 49.5 49.5 (2)(9) First lien seniorsecured loan 8.47% SOFR (M) 4.75% 12/2025 01/2030 12.3 12.3 12.3 (2)(9) Series A units 05/2025 710 70.0 94.1 183.5 207.6 SelectQuote, Inc. andSQ ABS Issuer, LLC Direct to consumerinsurancedistributionplatform First lien seniorsecured notes 9.65% 10/2024 10/2039 1.4 1.4 1.4 (2) First lien seniorsecured notes 7.80% 10/2024 10/2039 2.1 2.1 2.1 (2) First lien seniorsecured loan 10.32% SOFR (M) 6.50% 10/2024 09/2027 9.0 8.5 9.0 (2)(9) Warrant topurchase sharesof common stock 10/2024 10/2028 179,068 — — (2) 12.0 12.5 SG Acquisition, Inc.(13) Provider ofinsurance solutionsfor car sales First lien seniorsecured loan 8.71% SOFR (Q) 4.75% 04/2024 04/2030 13.6 13.6 13.6 (2)(9) SIG Parent Holdings,LLC (13) Independentinsurance brokerage First lien seniorsecured loan 8.47% SOFR (M) 4.75% 08/2024 08/2031 19.1 19.1 19.1 (2)(9) See accompanying notes to consolidated financial statements. F-47
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % of NetAssets Slaine Holdings LLC(13) Holding companyof insurance serviceproviders Seniorsubordinated loan 10.47% SOFR (M) 6.75% 05/2025 05/2030 49.2 49.2 49.2 (2)(9) THG Acquisition,LLC (13) Multi-line insurancebroker First lien seniorsecured revolvingloan 10.50% Base Rate(Q) 3.75% 10/2024 10/2031 7.0 7.0 7.0 (2)(9)(12) First lien seniorsecured revolvingloan 8.47% SOFR (M) 4.75% 10/2024 10/2031 2.8 2.8 2.8 (2)(9)(12) First lien seniorsecured loan 8.47% SOFR (M) 4.75% 10/2024 10/2031 23.6 23.6 23.6 (2)(9) 33.4 33.4 Truist InsuranceHoldings, LLC andMcGriff InsuranceServices, LLC (13) Insurance brokeragefirm First lien seniorsecured loan 6.42% SOFR (Q) 2.75% 03/2024 05/2031 0.1 0.1 0.1 (2)(16) World InsuranceAssociates, LLC andWorld AssociatesHoldings, LLC (13) Insurance serviceprovider First lien seniorsecured loan 8.67% SOFR (Q) 5.00% 10/2023 04/2030 11.4 11.3 11.4 (2)(9) 1,457.4 1,521.4 10.63% ConsumerDistribution andRetail Balrog Acquisition,Inc., Balrog Topco,Inc. and BalrogParent, L.P. Manufacturer anddistributor ofspecialty bakeryingredients First lien seniorsecured loan 8.33% SOFR (M) 4.50% 07/2023 09/2028 16.1 16.1 14.0 (2)(9) Second liensenior securedloan 10.83% SOFR (M) 7.00% 09/2021 09/2029 29.5 29.5 26.0 (2)(9) Class A preferredunits 8.00%PIK 09/2021 08/2051 5,484 7.7 7.2 (2) Series A preferredshares 11.00%PIK 09/2021 08/2051 21,921 35.3 30.0 (2) 88.6 77.2 Bamboo Purchaser,Inc. (13) Provider of nursery,garden, andgreenhouseproducts First lien seniorsecured loan 14.01%PIK SOFR (Q) 10.00% 11/2025 12/2029 4.1 4.1 4.1 (2)(9) First lien seniorsecured loan 11/2025 12/2028 15.4 3.3 2.9 (2)(8) 7.4 7.0 BGI Purchaser, Inc.(13) Developer andmanufacturer ofcustomized naturaland clean flavoringsfor the food &beverage endmarket First lien seniorsecured revolvingloan 7.57% SOFR (Q) 3.75% 05/2024 05/2030 10.5 10.5 10.5 (2)(9) First lien seniorsecured loan 8.57% SOFR (Q) 4.75% 05/2024 05/2031 10.5 10.5 10.5 (2)(9) 21.0 21.0 Blazing Star Parent,LLC Healthcare,pharmacy and retailprovider First lien seniorsecured loan 10.82% SOFR (Q) 7.00% 08/2025 08/2030 100.1 100.1 98.6 (2)(9) BR PJK Produce,LLC Specialty producedistributor First lien seniorsecured loan 10.39% SOFR (Q) 6.25% 12/2023 11/2027 4.0 4.0 4.0 (2)(9) First lien seniorsecured loan 10.39% SOFR (Q) 6.25% 09/2024 11/2027 0.7 0.7 0.7 (2)(9) 4.7 4.7 Carrera BidcoLimited Fuel andconvenience retailer Seniorsubordinated loan 7.34% Euribor (S) 5.25% 11/2025 11/2032 137.0 135.4 134.3 (2)(6) City LineDistributors LLC andCity LineInvestments LLC(13) Specialty fooddistributor First lien seniorsecured loan 10.11% SOFR (Q) 6.00% 08/2023 08/2028 4.3 4.3 4.3 (2)(9) Class A units 8.00%PIK 08/2023 4,172,852 5.0 4.8 (2) See accompanying notes to consolidated financial statements. F-48
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets 9.3 9.1 DecoPac, Inc. andKCAKE HoldingsInc. (13) Supplier of cakedecorating solutionsand products to in-store bakeries First lien seniorsecured revolvingloan 9.11% SOFR (Q) 5.25% 05/2021 05/2030 5.6 5.6 5.6 (2)(9) First lien seniorsecured loan 9.09% SOFR (Q) 5.25% 09/2024 05/2030 170.1 170.1 170.1 (2)(9) Common stock 05/2021 9,599 7.4 14.5 (2) 183.1 190.2 Display HoldingCompany, Inc.,Saldon Holdings, Inc.and FastsignsHoldings Inc. (13) Provider of visualcommunicationssolutions First lien seniorsecured loan 9.07% SOFR (M) 5.25% 03/2019 03/2028 15.2 15.2 15.2 (2)(9) First lien seniorsecured loan 9.07% SOFR (M) 5.25% 08/2019 03/2028 0.1 0.1 0.1 (2)(9) First lien seniorsecured loan 9.07% SOFR (M) 5.25% 06/2021 03/2028 0.1 0.1 0.1 (2)(9) First lien seniorsecured loan 9.07% SOFR (M) 5.25% 01/2024 03/2028 8.0 8.0 8.0 (2)(9) First lien seniorsecured loan 9.07% SOFR (M) 5.25% 11/2025 03/2028 15.3 15.3 15.3 (2)(9) Common units 03/2019 600 0.6 1.2 (2) 39.3 39.9 FS Squared HoldingCorp. and FSSquared, LLC (13) Provider of on-sitevending and micromarket solutions First lien seniorsecured revolvingloan 12/2024 12/2030 — — — (2)(11) First lien seniorsecured loan 8.47% SOFR (M) 4.75% 12/2024 12/2030 46.6 46.6 46.6 (2)(9) 46.6 46.6 GMF Parent, Inc. andGMF GroupHoldings, LP (13) Distributor ofMediterranean foodand beverages First lien seniorsecured loan 8.20% SOFR (Q) 4.50% 12/2025 12/2032 40.5 40.5 40.3 (2)(9) Common units 12/2025 7,003 7.0 7.0 (2) 47.5 47.3 GPM Investments,LLC and ARKOCorp. Convenience storeoperator Common stock 12/2020 2,088,478 19.8 9.5 (16) Hills Distribution,Inc., HillsIntermediate FTHoldings, LLC andGMP Hills, LP (13) Distributor ofHVAC, plumbing,and water heaterequipment, parts,supplies and fixtures First lien seniorsecured revolvingloan 7.75% SOFR (M) 4.00% 11/2023 11/2029 4.3 4.3 4.3 (2)(9) First lien seniorsecured loan 9.20% SOFR (Q) 5.50% 11/2023 11/2029 5.2 5.2 5.2 (2)(9) First lien seniorsecured loan 9.32% SOFR (Q) 5.50% 12/2025 11/2029 3.3 3.3 3.3 (2)(9) Limitedpartnershipinterest 11/2023 5,441,000 5.9 7.8 (2) 18.7 20.6 LJ Perimeter Buyer,Inc. and LJ PerimeterCo-Invest, L.P. (14) Distributor ofspecialty foods First lien seniorsecured loan 10.47% SOFR (Q) 6.50% 10/2022 10/2028 39.0 39.0 36.3 (2)(9) Limitedpartnershipinterests 10/2022 9,683,991 9.7 4.4 (2) 48.7 40.7 Marcone YellowstoneBuyer Inc. andMarcone YellowstoneHoldings, LLC Distributor of OEMapplianceaftermarket parts First lien seniorsecured loan 7.88% SOFR (Q) 3.75% 06/2021 06/2028 0.4 0.4 0.3 (2)(9) First lien seniorsecured loan 7.88% SOFR (Q) 3.75% 12/2021 06/2028 0.2 0.2 0.2 (2)(9) Class A commonunits 06/2021 5,796 6.1 — (2) 6.7 0.5 Mavis Tire ExpressServices TopcoCorp., Metis HoldCo,Inc., and MetisTopCo, LP (13) Auto parts retailer First lien seniorsecured revolvingloan 7.03% SOFR (Q) 3.25% 05/2021 05/2028 13.2 13.2 13.2 (2)(12) See accompanying notes to consolidated financial statements. F-49
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Series A preferredstock 7.00%PIK 05/2021 68,601 94.8 94.8 (2) Class A-1 units 05/2021 24,586 24.6 44.3 (2) 132.6 152.3 Midco Holding, LLCand Nivel Topco,LLC (4)(13) Manufacturer ofaftermarket golf cartparts andaccessories First lien seniorsecured loan 11.36% SOFR (S) 7.50% 11/2025 11/2029 10.7 10.7 10.7 (2)(9) Preferred units 11/2025 6,943,696 2.7 3.1 (2) Class A units 11/2025 5,341,305 — — (2) 13.4 13.8 Monolith BrandsGroup, Inc. E-commerceplatform focused onconsolidating DTCbranded businesses Series A-1preferred stock 04/2022 701,255 15.5 — (2) Moon Valley Nurseryof Arizona Retail,LLC, Moon ValleyNursery FarmHoldings, LLC,Moon Valley NurseryRE Holdings LLC,and Stonecourt IVPartners, LP Operator of retailand wholesale treeand plant nurseries Limitedpartnershipinterests 10/2021 21,939,152 20.8 15.2 Mountaineer MergerCorporation (13) Discount retailerthat specialized inapparel,housewares,accessories, and aselection of otherproducts First lien seniorsecured revolvingloan 8.84% SOFR (Q) 5.00% 10/2024 10/2027 5.3 5.2 5.1 (2) Mr. GreensIntermediate, LLC,Florida VegInvestments LLC,MRG Texas, LLCand RestaurantProduce and ServicesBlocker, LLC (13) Produce distributionplatform First lien seniorsecured revolvingloan 9.65% SOFR (Q) 5.75% 05/2023 05/2031 1.6 1.6 1.6 (2)(9)(12) First lien seniorsecured loan 9.71% SOFR (Q) 5.75% 05/2023 05/2031 10.4 10.4 10.4 (2)(9) First lien seniorsecured loan 9.71% SOFR (Q) 5.75% 06/2025 05/2031 2.4 2.4 2.4 (2)(9) Class B limitedliability companyinterest 05/2023 3.64% 9.6 7.6 (2) 24.0 22.0 Project CardinalAcquisition, LLC(13) Provider ofoutsourcedfoodservice to K-12school districts First lien seniorsecured loan 8.49% SOFR (S) 4.50% 10/2025 10/2032 18.8 18.8 18.6 (2)(9) Quirch FoodsHoldings, LLC (13) Specialty fooddistributor First lien seniorsecured loan 10.34% SOFR (S) 6.50% 11/2025 11/2030 114.7 114.7 113.6 (2)(9) Reddy Ice LLC (13) Packaged icemanufacturer anddistributor First lien seniorsecured revolvingloan 9.25% SOFR (M) 5.50% 04/2024 04/2029 10.7 10.4 10.7 (2)(9)(12) First lien seniorsecured revolvingloan 11.25% Base rate(Q) 4.50% 04/2024 04/2029 2.7 2.7 2.7 (2)(9)(12) First lien seniorsecured loan 9.44% SOFR (Q) 5.50% 04/2024 04/2029 125.6 125.6 125.6 (2)(9) 138.7 139.0 Royal Borrower,LLC and RoyalParent, LP (13) Distributor of freshproduce and dairyproducts First lien seniorsecured revolvingloan 07/2024 07/2030 — — — (2)(11) First lien seniorsecured loan 9.00% SOFR (M) 5.25% 07/2024 07/2030 20.5 20.5 20.5 (2)(9) Class A preferredunits 10.00%PIK 07/2024 2,255,000 2.6 2.1 23.1 22.6 SCIH Salt HoldingsInc. (13) Salt and packagedice meltmanufacturer anddistributor First lien seniorsecured revolvingloan 5.26% CORRA(Q) 3.00% 03/2020 11/2028 3.9 1.9 2.0 (2)(9) See accompanying notes to consolidated financial statements. F-50
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Shur-Co Acquisition,Inc. and Shur-CoHoldco, Inc. Provider of tarpsystems andaccessories fortrucks, trailers,carts, and specialtyequipment used inthe agriculture,construction andflatbed markets First lien seniorsecured loan 9.22% SOFR (M) 5.50% 06/2021 07/2030 31.1 31.1 31.1 (2)(9) First lien seniorsecured loan 9.22% SOFR (M) 5.50% 06/2022 07/2030 0.5 0.5 0.5 (2)(9) First lien seniorsecured loan 9.22% SOFR (M) 5.50% 03/2023 07/2030 6.0 6.0 6.0 (2)(9) First lien seniorsecured loan 9.22% SOFR (M) 5.50% 05/2024 07/2030 12.6 12.6 12.6 (2)(9) First lien seniorsecured loan 9.22% SOFR (M) 5.50% 08/2024 07/2030 5.4 5.4 5.4 (2)(9) Common stock 06/2021 75,990 7.6 17.4 (2) 63.2 73.0 US Salt Investors,LLC and EmeraldLake PearlAcquisition-A, L.P.(13) Producer andpackager ofcompressed,household, andpackaged salt First lien seniorsecured loan 9.07% SOFR (Q) 5.25% 07/2021 07/2028 23.7 23.7 23.7 (2)(9) Limited partnerinterests 07/2021 0.42% 0.8 2.9 (2) 24.5 26.6 VRS Buyer, Inc. (13) Provider of on-sitemobile and rail re-fueling solutions First lien seniorsecured loan 7.24% SOFR (Q) 3.50% 10/2025 10/2032 66.2 66.2 66.2 (2) Worldwide ProduceAcquisition, LLCand REP WWPCoinvest IV, L.P. (13)(14) Fresh and specialtyfood distributor First lien seniorsecured revolvingloan 10.61% SOFR (Q) 6.75% 02/2023 01/2029 0.3 0.3 0.2 (2)(9)(12) First lien seniorsecured loan 11.59% SOFR (Q) 7.75% 02/2023 01/2029 8.4 8.4 7.3 (2)(9) Common units 01/2023 1,673,000 1.7 — 10.4 7.5 1,449.9 1,424.7 9.95% Capital Goods AeriTek Global USAcquisition Inc.,AeriTek GlobalHoldings LLC, andMinus Forty QBDCorp. (13) Manufacturer ofcommercialrefrigeration andfoodserviceequipment First lien seniorsecured revolvingloan 10.34% SOFR (Q) 6.50% 08/2025 08/2030 1.5 1.5 1.5 (2)(6)(9) First lien seniorsecured loan 10.32% SOFR (Q) 6.50% 08/2025 08/2030 35.1 35.1 34.6 (2)(6)(9) 36.6 36.1 AI Aqua Merger Sub,Inc. End to end providerof water solutions toa wide range ofcustomer bases First lien seniorsecured loan 6.86% SOFR (Q) 3.00% 12/2024 07/2028 1.0 1.0 1.0 (2)(9)(16) Airx ClimateSolutions, Inc. (13) Provider ofcommercial HVACequipment andservices First lien seniorsecured loan 9.57% SOFR (Q) 5.75% 11/2023 11/2029 9.7 9.7 9.7 (2)(9) First lien seniorsecured loan 8.82% SOFR (Q) 5.00% 07/2024 11/2029 9.6 9.6 9.5 (2)(9) 19.3 19.2 Align PrecisionGroup, LLC andAlign PrecisionTopco, L.P. (4)(13) Manufacturer ofprecision machinedcomponents fordefense and high-tech industrialplatforms First lien seniorsecured loan 10.71%PIK SOFR (Q) 6.75% 07/2025 07/2030 14.3 14.3 14.3 (2)(9) Class A-2 Units 07/2025 6,310 — 0.3 (2) 14.3 14.6 See accompanying notes to consolidated financial statements. F-51
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Allclear CommercialInc., AllclearMilitary Inc.,Allclear Space Inc.,and Allclear GroupLLC (13) Provider of militaryaircraft aftermarketparts anddistribution, repairand logisticsservices First lien seniorsecured loan 9.17% SOFR (Q) 5.50% 05/2025 05/2030 2.8 1.9 2.8 (2)(9) First lien seniorsecured loan 10.27%(2.00%PIK) SOFR (M) 6.50% 05/2025 05/2030 0.5 0.1 0.2 (2)(9) First lien seniorsecured loan 11.07%(6.00%PIK) SOFR (M) 7.00% 05/2025 05/2030 1.7 0.5 0.6 (2)(9) First lien seniorsecured loan 9.32% SOFR (Q) 5.50% 06/2025 05/2030 0.3 0.3 0.3 (2)(9) MembershipInterest 05/2025 4,015 — — (2) 2.8 3.9 Arrowhead HoldcoCompany andArrowhead GSHoldings, Inc. Distributor of non-discretionary,mission-criticalaftermarketreplacement parts First lien seniorsecured loan 6.34% SOFR (Q) 2.50% 08/2021 08/2028 0.1 0.1 0.1 (2)(9) Common stock 08/2021 5,054 5.1 — (2) 5.2 0.1 BGIF IV FearlessUtility Services, Inc.(13) Maintenance andinstallation serviceprovider for electrictransmission anddistributioninfrastructure First lien seniorsecured revolvingloan 06/2024 06/2030 — — — (2)(11) First lien seniorsecured loan 8.73% SOFR (M) 5.00% 06/2024 06/2031 45.1 45.1 45.1 (2)(9) 45.1 45.1 Burgess PointPurchaserCorporation Remanufacturer ofmission-critical andnon-discretionaryaftermarket vehicle,industrial, energystorage, and solarreplacement parts First lien seniorsecured loan 9.19% SOFR (Q) 5.25% 07/2022 07/2029 21.6 20.8 18.3 (2)(9)(16) CPIG Holdco Inc. Distributor ofengineered fluidpower and complexmachined solutions First lien seniorsecured loan 11.09% SOFR (Q) 7.00% 04/2023 04/2028 14.4 14.4 14.4 (2)(9) DFS HoldingCompany, Inc. Distributor ofmaintenance, repair,and operations parts,supplies, andequipment to thefoodservice industry First lien seniorsecured loan 11.17%(5.00%PIK) SOFR (Q) 7.50% 01/2023 01/2029 2.1 2.1 2.0 (2)(9) Dynamic NCAerospace Holdings,LLC and DynamicNC InvestmentHoldings, LP (13) Provider ofaerospacetechnology andequipment First lien seniorsecured revolvingloan 10.63% SOFR (Q) 6.50% 12/2020 12/2027 3.2 3.2 3.2 (2)(9) First lien seniorsecured loan 10.63% SOFR (Q) 6.50% 12/2020 12/2027 25.4 25.4 25.4 (2)(9) Common units 12/2020 9,773,000 9.8 15.9 38.4 44.5 EIS Legacy Holdco,LLC (13) Distributor ofelectric applicatorcomponents First lien seniorsecured loan 8.38% SOFR (Q) 4.50% 11/2024 11/2031 9.5 9.5 9.5 (2)(9) ELM DebtCo, LLC(13) Provider ofunderground utilitylocating serviceswith a focus on thenatural gas andelectric end markets First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 11/2025 11/2031 5.3 5.2 5.2 (2)(9) Endurance PTTechnology BuyerCorporation andEndurance PTTechnology HoldingsLLC (13) Manufacturer ofindustrial chain andcomplementarypower transmissionproducts forindustrialapplications First lien seniorsecured revolvingloan 10.17% SOFR (Q) 6.50% 10/2025 10/2031 2.0 2.0 2.0 (2)(9) First lien seniorsecured loan 10.17% SOFR (Q) 6.50% 10/2025 10/2031 56.1 56.1 55.8 (2)(9) See accompanying notes to consolidated financial statements. F-52
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Preferred equity 8.00%PIK 10/2025 8,163 8.2 8.2 (2) Common units 10/2025 9,070 0.9 0.9 (2) 67.2 66.9 ESCP PPG Holdings,LLC (4) Distributor of newequipment andaftermarket parts tothe heavy-dutytruck industry Class A-1 units 08/2022 96,897 2.3 0.9 (2) Class A-2 units 12/2016 3,500 3.5 — (2) 5.8 0.9 Generator US Buyer,Inc. and Total PowerLimited (13) Provider ofgenerator-basedpower solutions First lien seniorsecured loan 6.76% CORRA(Q) 4.50% 07/2024 07/2030 5.7 5.7 5.7 (2)(6)(9) First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 10/2024 07/2030 1.3 1.3 1.3 (2)(6)(9) 7.0 7.0 Ground PenetratingRadar Systems, LLCand RC VI BuckeyeHoldings LLC (13) Provider ofunderground utilitylocating andconcrete scanning First lien seniorsecured revolvingloan 8.23% SOFR (Q) 4.50% 01/2025 01/2032 0.5 0.5 0.5 (2)(9) Member Units 01/2025 20,000,000 20.0 22.7 (2) 20.5 23.2 GSV Purchaser, Inc.(13) Provider ofmaintenance, repair,and sales servicesfor commercialemergency powerbackup generators First lien seniorsecured loan 8.28% SOFR (M) 4.50% 08/2024 08/2031 0.1 0.1 0.1 (2)(9) Harvey ToolCompany, LLC (13) Manufacturer ofcutting tools used inthe metalworkingindustry First lien seniorsecured loan 8.47% SOFR (M) 4.75% 10/2021 08/2032 52.9 52.9 52.7 (2)(9) First lien seniorsecured loan 6.90% Euribor(M) 5.00% 08/2025 08/2032 8.4 8.3 8.3 (2)(9) 61.2 61.0 Helix AcquisitionHoldings, Inc. Manufacturer ofsprings, fastenersand customcomponents First lien seniorsecured loan 10.82% SOFR (M) 7.00% 03/2023 03/2030 11.9 11.9 11.9 (2)(9) Horizon AvionicsBuyer, LLC andHorizon CTS Buyer,LLC (13) Manufacturer ofmission critical, IP-driven avionicsproducts andprovider of anintegrated suite ofpilot trainingsolutions First lien seniorsecured revolvingloan 10.25% Base Rate(S) 3.50% 03/2025 03/2032 1.3 1.3 1.3 (2)(9)(12) First lien seniorsecured revolvingloan 8.17% SOFR (Q) 4.50% 03/2025 03/2032 2.3 2.3 2.3 (2)(9)(12) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 03/2025 03/2032 13.1 13.1 13.1 (2)(9) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 10/2025 03/2032 33.7 33.7 33.7 (2)(9) 50.4 50.4 HPCC Parent, Inc.and Patriot ContainerCorp. (13) Manufacturer ofwaste handling andrecycling equipment First lien seniorsecured loan 13.00%(7.00%PIK) 09/2024 09/2030 84.5 84.5 84.5 (2) Common stock 09/2024 459,208 4.4 4.6 (2) 88.9 89.1 Imaging BusinessMachines, L.L.C.and ScannerHoldingsCorporation (5) Provider of high-speed intelligentdocument scanninghardware andsoftware Seniorsubordinated loan 14.00%(7.00%PIK) 01/2017 12/2028 19.8 19.6 19.8 (2) Class A commonstock 01/2017 48,544 14.8 79.5 34.4 99.3 JSG II, Inc. andCheckers USA, Inc.(13) Manufacturer andsupplier of non-PPEsafety solutions forcompliance-drivenend markets First lien seniorsecured loan 8.23% SOFR (M) 4.50% 09/2025 09/2032 58.0 57.8 57.8 (2)(9) See accompanying notes to consolidated financial statements. F-53
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Kene Acquisition,Inc. and KeneHoldings, L.P. (13) National utilityservices firmprovidingengineering andconsulting servicesto natural gas,electric power andother energy andindustrial endmarkets Class A units 08/2019 4,549,000 0.5 8.0 (2) LTG Acquisition, Inc. Designer andmanufacturer ofdisplay, lighting andpassengercommunicationsystems for masstransportationmarkets Class Amembership units 01/2017 5,000 5.1 — NCWS Holdings LP Manufacturer andsupplier of car washequipment, parts andsupplies to theconveyorized carwash market Class A-2common units 12/2020 12,296,000 12.9 2.3 (2) OPH NEPInvestment, LLC (4) Provider of energyservices for multi-family propertyowners, developers,and managers Seniorsubordinated loan 10.00%(7.00%PIK) 05/2024 05/2032 32.6 31.3 31.9 (2) Seniorsubordinated loan 10.00%(7.00%PIK) 03/2025 05/2032 4.4 4.1 4.3 (2) Class B commonunits 05/2024 8 1.9 2.5 37.3 38.7 Osmose UtilitiesServices, Inc. andPine IntermediateHolding LLC Provider ofstructural integritymanagementservices totransmission anddistributioninfrastructure Second lien seniorsecured loan 10.58% SOFR (M) 6.75% 06/2021 06/2029 55.3 55.3 54.1 (2)(9) Paris US Holdco,Inc. & 1001028292Ontario Inc. (13) Manufacturer ofhigh-toleranceprecision machinedcomponents andassemblies for theaerospace anddefense industry First lien seniorsecured revolvingloan 8.47% SOFR (M) 4.75% 12/2024 12/2031 0.3 0.3 0.3 (2)(6)(9) First lien seniorsecured loan 8.47% SOFR (M) 4.75% 12/2024 12/2031 0.1 0.1 0.1 (2)(6)(9) 0.4 0.4 Pave AmericaHolding, LLC (13) Provider of high-quality asphalt andconcrete services forcommercialproperties First lien seniorsecured revolvingloan 8.42% SOFR (Q) 4.75% 08/2025 08/2032 2.0 2.0 2.0 (2)(9) First lien seniorsecured loan 8.94%(2.88%PIK) SOFR (Q) 5.25% 08/2025 08/2032 24.9 24.9 24.7 (2)(9) 26.9 26.7 Pike Corporation(13) Provider of a fullsuite of outsourcedconstruction, repairand engineeringservices First lien seniorsecured loan 8.20% SOFR (Q) 4.50% 12/2025 12/2032 212.2 212.2 211.1 (2)(9) PumpTech, LLC andImpel CV-B, LP (13)(14) Provider of flowcontrol equipmentand related servicesincluding pumpingproducts and processsolutions for water,wastewater, andindustrialapplications First lien seniorsecured revolvingloan 8.47% SOFR (M) 4.75% 01/2025 01/2031 0.4 0.4 0.3 (2)(9) First lien seniorsecured revolvingloan 10.50% Base Rate(Q) 3.75% 01/2025 01/2031 0.4 0.4 0.3 (2)(9) First lien seniorsecured loan 8.47% SOFR (M) 4.75% 01/2025 01/2031 14.0 14.0 13.9 (2)(9) See accompanying notes to consolidated financial statements. F-54
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Limitedpartnershipinterest 03/2025 752,822 0.8 0.7 (2) 15.6 15.2 Qnnect, LLC andConnector TopCo, LP Manufacturer ofhighly engineeredhermetic packagingproducts Limitedpartnershipinterests 11/2022 992,500 9.9 19.0 (2) Radius Aerospace,Inc. and RadiusAerospace EuropeLimited (13) Metal fabricator inthe aerospaceindustry First lien seniorsecured revolvingloan 10.12%(0.25%PIK) SOFR (Q) 6.00% 03/2019 03/2027 1.3 1.3 1.3 (2)(6)(9) First lien seniorsecured revolvingloan 9.72%(0.25%PIK) SONIA (M) 6.00% 11/2019 03/2027 2.1 2.0 2.1 (2)(6)(9) First lien seniorsecured loan 9.82%(0.25%PIK) SOFR (Q) 6.00% 06/2024 03/2027 9.9 9.9 9.9 (2)(6)(9) 13.2 13.3 Radwell Parent, LLC(13) Distributor ofmaintenance, repair,and operations parts First lien seniorsecured revolvingloan 9.17% SOFR (Q) 5.50% 12/2022 04/2029 0.7 0.7 0.7 (2)(9) First lien seniorsecured loan 9.17% SOFR (Q) 5.50% 12/2022 04/2029 0.1 0.1 0.1 (2)(9) First lien seniorsecured loan 9.17% SOFR (Q) 5.50% 11/2024 04/2029 1.6 1.6 1.6 (2)(9) 2.4 2.4 Sunk Rock FoundryPartners LP, HatterasElectricalManufacturingHolding Companyand Sigma ElectricManufacturingCorporation (13) Manufacturer ofmetal castings,precision machinedcomponents andsub-assemblies inthe electricalproducts, powertransmission anddistribution andgeneral industrialmarkets First lien seniorsecured revolvingloan 9.47% SOFR (M) 5.75% 10/2017 12/2027 6.0 6.0 6.0 (2)(9)(12) First lien seniorsecured loan 9.57% SOFR (M) 5.75% 04/2024 12/2027 3.7 3.7 3.7 (2)(9) First lien seniorsecured loan 9.57% SOFR (M) 5.75% 03/2025 12/2027 15.0 15.0 15.0 (2)(9) 24.7 24.7 Sunvair AerospaceGroup, Inc. and GBHelios Holdings, L.P.(13) Provider of aircraftcomponentmaintenance, repair,and overhaulservices First lien seniorsecured loan 8.67% SOFR (Q) 5.00% 05/2024 05/2031 38.6 38.6 38.6 (2)(9) Series A commonunits 05/2024 1,042 1.0 1.8 (2) 39.6 40.4 Titan BW BorrowerL.P. (13) Provider ofaftermarket andOEM solutions tothe commercial andmilitary aerospaceindustry First lien seniorsecured loan 9.25%(2.88%PIK) SOFR (Q) 5.38% 07/2025 07/2032 63.1 62.9 62.5 (2)(9) Two Six Labs, LLC(13) Provider ofinformationoperations, cyber,and data analyticsproducts andservices forgovernment anddefense contracts First lien seniorsecured loan 9.67% SOFR (Q) 6.00% 10/2023 08/2027 8.5 8.5 8.5 (2)(9) First lien seniorsecured loan 8.92% SOFR (Q) 5.25% 04/2024 08/2027 26.2 26.2 26.2 (2)(9) First lien seniorsecured loan 8.92% SOFR (Q) 5.25% 10/2025 08/2027 5.2 5.2 5.2 (2)(9) 39.9 39.9 Werner Finco LP Provider of safetyaccess and securestorage productsacross accessequipment, ladders,and truck & vansolutions. First lien seniorsecured loan 9.21% SOFR (Q) 5.50% 06/2025 06/2031 109.7 109.7 109.7 (2)(9) See accompanying notes to consolidated financial statements. F-55
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets 1,288.4 1,349.9 9.43% Sports, Media andEntertainment 22 HoldCo Limited Sports andentertainmentplatform Seniorsubordinated loan 11.47%PIK SONIA (S) 7.50% 08/2023 08/2033 69.1 65.5 69.1 (2)(6)(9) 3 Step Sports LLC(13) Provider ofintegrated youthsports solutions First lien seniorsecured loan 10.17% SOFR (Q) 6.50% 10/2023 10/2029 12.5 12.5 12.5 (2)(9) First lien seniorsecured loan 10.19% SOFR (Q) 6.50% 12/2025 10/2029 2.9 2.9 2.9 (2)(9) 15.4 15.4 Aventine IntermediateLLC & AventineHoldings II LLC Media andproduction company First lien seniorsecured loan 9.77%(3.50%PIK) SOFR (Q) 6.00% 12/2021 06/2029 6.3 6.3 5.8 (2)(9) Second liensenior securedloan 10.25%PIK 12/2021 12/2030 53.1 53.1 40.9 (2) 59.4 46.7 Axiomatic, LLC Premiere e-sportsand video gameinvestment platform Class A-1 units 05/2022 500,000 4.7 5.9 Bad Vibes Forever,LLC and Bad VibesForever Publishing,LLC The estate and entitythat owns the musiccopyright of theartistXXXTentacion First lien seniorsecured loan 9.10% SOFR (S) 5.50% 06/2025 06/2032 20.4 20.4 20.4 (2)(9) CFC Funding LLC SME-related SPV Loan instrumentunits 9.75%PIK 07/2023 16,680 20.2 20.2 (6) CMW Parent LLC(fka Black Arrow,Inc.) Multiplatformmedia firm Series A units 09/2015 32 — — Dundee Eros, LP Catalog of premiermusic intellectualproperty Limitedpartnershipinterest 11/2024 4,803,441 4.8 4.5 (2) Eagle FootballHoldings BidCoLimited and EagleFootball HoldingsLimited (13) Multi-club sportsplatform Seniorsubordinated loan 20.00%PIK 12/2022 12/2028 1.4 1.4 1.4 (2)(6) Seniorsubordinated loan 20.00%PIK 10/2025 12/2026 1.6 1.3 1.4 (2)(6) Seniorsubordinated loan 12/2022 12/2028 60.7 58.1 19.2 (2)(6)(8) Seniorsubordinated loan 07/2025 01/2027 7.4 6.7 2.3 (2)(6)(8) Ordinary shares 09/2023 494 4.4 — (2)(6) Warrant topurchase sharesof ordinary shares 12/2022 11/2028 180 — — (2)(6) Warrant topurchase sharesof ordinary shares 12/2022 11/2028 199 — — (2)(6) 71.9 24.3 FEH Group, LLC. Professional sportsteam andentertainmentcomplex Class A commoninterest 12/2024 26 180.5 213.4 Class A commoninterest 12/2024 26 5.3 6.2 Class A commoninterest 12/2024 26 1.3 1.5 187.1 221.1 Fever Labs, Inc. (13) Technology ledmarketing andticketing platformfor live events First lien seniorsecured revolvingloan 11.00% 08/2024 11/2028 9.3 9.3 9.3 (2) First lien seniorsecured loan 11.00% 05/2024 11/2028 16.9 16.0 16.9 (2) First lien seniorsecured loan 10.50% 12/2025 11/2028 1.9 1.9 1.9 (2) See accompanying notes to consolidated financial statements. F-56
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Series Bredeemablepreferred stock 13.50%PIK 06/2025 8,824 9.5 9.5 (2) Series E-5convertible shares 08/2024 217,907 0.9 1.1 (2) Warrant topurchase sharesof common stock 06/2025 06/2035 177,076 — — (2) 37.6 38.7 Global Music Rights,LLC (13) Music rightmanagementcompany First lien seniorsecured loan 8.17% SOFR (Q) 4.50% 12/2024 12/2031 112.9 112.9 112.9 (2)(9) GSM Rights Fund IILP (14) Private investmentfirm specializing inmusic rights and IPassets Class B Interest 03/2025 03/2031 2,242,422 2.2 2.3 (6) League OneVolleyball Clubs,LLC and LeagueOne Volleyball, Inc. Operator of youthvolleyball clubs Series B preferredstock 07/2023 194 — — (2) Series C preferredstock 09/2024 67 — — (2) Warrant topurchase sharesof common stock 01/2025 01/2030 8 — — (2) — — Legends HospitalityHolding Company,LLC, ASM Buyer,Inc., Legends ASMHoldco I, LLC, andStadium Coinvest(B)-III, L.P. (13) Hospitality platformprovider ofpremiumexperiential services First lien seniorsecured revolvingloan 8.73% SOFR (M) 5.00% 08/2024 08/2030 3.6 3.6 3.6 (2)(9)(12) First lien seniorsecured loan 8.73% SOFR (M) 5.00% 08/2024 08/2031 2.7 2.7 2.7 (2)(9) First lien seniorsecured loan 9.23%(2.75%PIK) SOFR (M) 5.50% 08/2024 08/2031 58.3 58.3 58.3 (2)(9) Limitedpartnershipinterest 02/2025 6,555,000 6.7 7.6 (2) 71.3 72.2 LiveBarn Inc. Provider of live andon demandbroadcasting ofamateur and youthsporting events Middle preferredshares 08/2023 4,902,988 17.3 25.9 (2)(6) Mari Events MidcoLLC and AEEventsCo HoldingsLLC (13) Sports andentertainmentcompany First lien seniorsecured loan 7.75% SOFR (Q) 4.00% 10/2025 10/2032 5.3 5.3 5.2 (2)(9) Common units 10/2025 703 7.0 7.0 (2) Common units 10/2025 667 6.7 6.7 19.0 18.9 Mari Miami II LLCand South FloridaTennis, LLC Professionalsporting event First lien seniorsecured loan 8.67%PIK SOFR (Q) 5.00% 10/2025 10/2032 5.8 5.8 5.8 (2)(9) Common units 10/2025 26 2.3 2.3 8.1 8.1 Miami BeckhamUnited LLC Americanprofessional soccerclub Class A preferredunits 9.50%PIK 09/2021 85,000 124.9 124.9 Class B preferredunits 9.50%PIK 06/2023 42,500 53.7 53.7 178.6 178.6 Production ResourceGroup, L.L.C. andPRG III, LLC (4) Provider of rentalequipment, labor,productionmanagement,scenery, and otherproducts to variousentertainment end-markets First lien seniorsecured loan 11.58%PIK SOFR (Q) 7.50% 07/2020 10/2030 65.1 64.8 65.1 (2)(9) See accompanying notes to consolidated financial statements. F-57
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets First lien seniorsecured loan 11.51%PIK SOFR (Q) 7.50% 10/2025 10/2030 2.6 2.6 2.4 (2)(9) Membershipinterest 10/2025 151,988 13.4 13.1 (2) 80.8 80.6 Professional FightersLeague, LLC andPFL MMA, Inc. Mixed martial artsleague First lien seniorsecured loan 14.00%PIK 01/2021 01/2026 25.5 25.5 25.5 (2) Second lien seniorsecured loan 16.00%PIK 11/2022 01/2026 0.3 0.2 0.2 (2) Series E preferredstock 04/2022 219,035 0.7 — (2) Warrant topurchase shares ofcommon stock 01/2021 01/2027 3,223,122 1.7 — (2) Warrant topurchase shares ofcommon stock 11/2022 11/2029 68,787 0.2 — (2) 28.3 25.7 Propagate ContentLLC (14) Developer, producerand distributor ofprogrammingcontent and artistand talentmanagementcompany Preferred equity 8.00%PIK 10/2025 3 3.5 3.5 Sandlot ActionSports, LLC Youth sportsplatform Common units 05/2024 3,384 — — Shout! Factory, LLC(13) Multi-platformmedia companyspecialized in filmand TV distribution,development andproduction First lien seniorsecured revolvingloan 8.93% SOFR (Q) 5.25% 07/2025 06/2031 0.3 0.3 0.3 (2)(9) First lien seniorsecured loan 8.92% SOFR (Q) 5.25% 07/2025 06/2031 18.2 18.2 17.9 (2)(9) 18.5 18.2 South FloridaMotorsports, LLC Professionalsporting event Class A commoninterest 12/2024 26 5.5 8.4 Storm InvestmentS.a.r.l. and AtleticoHoldco, S.L. Spanish soccer club First lien seniorsecured loan 3.75% 06/2021 06/2029 72.4 73.6 72.4 (2)(6) Class Aredeemable shares 06/2021 3,297,791 1.6 7.4 (2)(6) Class Bredeemable shares 06/2021 3,297,791 1.6 7.4 (2)(6) Class Credeemable shares 06/2021 3,297,791 1.6 7.4 (2)(6) Class Dredeemable shares 06/2021 3,297,791 1.6 7.4 (2)(6) Class Eredeemable shares 06/2021 3,297,791 1.6 7.4 (2)(6) Class Fredeemable shares 06/2021 3,297,791 1.6 7.4 (2)(6) Class Gredeemable shares 06/2021 3,297,791 1.6 7.4 (2)(6) Class Hredeemable shares 06/2021 3,297,791 1.6 7.4 (2)(6) Class Iredeemable shares 06/2021 3,297,791 1.6 7.4 (2)(6) Ordinary shares 06/2021 3,958 — 0.7 (2)(6) 88.0 139.7 The TeachingCompany Holdings,Inc. Educationpublicationsprovider Preferred stock 09/2006 10,663 1.1 2.1 (2) See accompanying notes to consolidated financial statements. F-58
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Common stock 09/2006 15,393 — — (2) 1.1 2.1 WRE SportsInvestments LLC Professional sportsclub First lien seniorsecured loan 11.00%(5.50%PIK) 07/2024 07/2031 28.2 28.2 28.2 (2) 1,150.3 1,191.6 8.32% Investment Fundsand Vehicles ACAS EquityHoldings Corporation(5) Investmentcompany Common stock 01/2017 589 0.4 0.4 (6) Constellation WealthCapital Fund, L.P.(14) Specialistalternative assetmanagementplatform Limited partnerinterests 01/2024 4,504,728 4.1 4.5 (6)(16) CREST Exeter StreetSolar 2004-1 Investment vehicle Preferred shares 01/2017 06/2039 3,500,000 — — (6) CWC Fund I Co-Invest (ALTI) LP Global wealth andalternativesmanager Limitedpartnershipinterest 03/2024 6,224,000 6.3 7.4 (2)(6) European Capital UKSME Debt LP (4) Investmentpartnership Limitedpartnershipinterest 01/2017 44.73% — 0.2 (6) HCI Equity, LLC (5) Investmentcompany Member interest 04/2010 100.00% — — (6)(16) Linden StructuredCapital Fund II-A LP(14) Investmentpartnership Limitedpartnershipinterest 07/2024 1,652,335 1.4 2.0 (2)(6)(16) Partnership CapitalGrowth Investors III,L.P. (4) Investmentpartnership Limitedpartnershipinterest 10/2011 11.50% 0.7 2.6 (2)(6)(16) PCG-Ares SidecarInvestment, L.P. (4) Investmentpartnership Limitedpartnershipinterest 05/2014 99.80% 4.5 0.5 (6)(16) PCG-TAC-CV, LP (5) Investmentpartnership Limitedpartnershipinterest 01/2025 99.80% — 6.8 (2)(6)(16) Piper JaffrayMerchant BankingFund I, L.P. Investmentpartnership Limitedpartnershipinterest 08/2012 2.02% 0.1 0.6 (6)(16) Senior Direct LendingProgram, LLC (5)(15) Co-investmentvehicle Subordinatedcertificates 11.65% SOFR (Q) 8.00% 07/2016 12/2036 1,117.0 1,103.3 1,117.0 (6)(10) Membership interest 87.50% — — (6) 1,103.3 1,117.0 1,120.8 1,142.0 7.98% Pharmaceuticals,Biotechnology andLife Sciences Abzena Holdings, Inc.and Astro GroupHoldings Ltd. Organizationproviding discovery,development andmanufacturingservices to thepharmaceutical andbiotechnologyindustries A ordinary shares 05/2021 2,476,744 5.7 4.6 (2)(6) Alcami Corporationand ACM NoteHoldings, LLC (13) Outsourced drugdevelopmentservices provider First lien seniorsecured revolvingloan 10.83% SOFR (M) 7.00% 12/2022 12/2028 0.4 0.4 0.4 (2)(9) First lien seniorsecured loan 10.96% SOFR (Q) 7.00% 12/2022 12/2028 9.9 9.9 9.9 (2)(9) Seniorsubordinated loan 12.00%PIK 12/2022 06/2029 26.0 26.0 26.0 (2) 36.3 36.3 Artemis BidCo 2 LLC(13) Developer andmanufacturer of invitro diagnosticimmunoassays First lien seniorsecured loan 8.67% SOFR (Q) 5.00% 10/2025 10/2031 38.1 38.1 37.7 (2)(9) See accompanying notes to consolidated financial statements. F-59
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Bamboo US BidCoLLC (13) Biopharmaceuticalcompany First lien seniorsecured revolvingloan 09/2023 10/2029 — — — (2)(11) First lien seniorsecured loan 8.84% SOFR (Q) 5.00% 09/2023 09/2030 34.1 34.1 34.1 (2)(9) First lien seniorsecured loan 8.79% SOFR (Q) 5.00% 11/2024 09/2030 6.0 6.0 6.0 (2)(9) First lien seniorsecured loan 8.98% SOFR (M) 5.25% 11/2024 09/2030 0.7 0.7 0.7 (2)(9) 40.8 40.8 Cobalt Buyer Sub,Inc., Cobalt HoldingsI, LP, and CobaltIntermediate I, Inc.(13) Provider ofbiological productsto life science andpharmaceuticalcompanies First lien seniorsecured revolvingloan 9.59% SOFR (Q) 5.75% 10/2021 10/2027 4.5 4.5 4.2 (2)(9) First lien seniorsecured loan 9.57% SOFR (Q) 5.75% 10/2021 10/2028 30.8 30.8 29.3 (2)(9) First lien seniorsecured loan 9.57% SOFR (Q) 5.75% 06/2023 10/2028 11.3 11.3 10.7 (2)(9) First lien seniorsecured loan 9.57% SOFR (Q) 5.75% 08/2024 10/2028 6.9 6.9 6.5 (2)(9) Preferred units 8.00%PIK 10/2021 10/2051 3,020 4.2 1.2 (2) Series A preferredshares 13.75%PIK 10/2021 60,236 107.9 104.6 (2) Class A commonunits 10/2021 30,500 — — (2) 165.6 156.5 CoreRx, Inc. Small moleculecontract developmentand manufacturingprovider First lien seniorsecured loan 10.92% SOFR (Q) 7.25% 12/2025 12/2030 9.9 9.9 9.7 (2)(9) Creek Parent, Inc.and Creek Feeder,L.P. (13) Provider of deliverytechnologies,development, drugmanufacturing,biologics, genetherapies andconsumer healthproducts First lien seniorsecured revolvingloan 12/2024 12/2031 — — — (2)(11) First lien seniorsecured loan 8.73% SOFR (M) 5.00% 12/2024 12/2031 207.1 207.1 207.1 (2)(9) Limitedpartnershipinterest 12/2024 6,891,000 6.9 10.1 (2) 214.0 217.2 Gula Buyer Inc. andGula Co-Invest II,L.P. Distributor andmanufacturer ofveterinarian-gradepet prescriptionmedications andhealth products First lien seniorsecured loan 8.27% SOFR (M) 4.50% 10/2024 10/2031 49.8 49.8 49.8 (2)(9) Common units 03/2025 434 0.5 0.6 (2) 50.3 50.4 Moderna, Inc. (13) Biotechnologycompany First lien seniorsecured loan 9.17% SOFR (M) 5.50% 11/2025 11/2030 119.6 119.6 117.8 (2)(6)(9) NMC SkincareIntermediateHoldings II, LLC(13) Developer,manufacturer andmarketer of skincareproducts First lien seniorsecured revolvingloan 10.43% SOFR (Q) 6.50% 10/2018 10/2028 1.9 1.9 1.7 (2)(9) First lien seniorsecured revolvingloan 10.44% SOFR (Q) 6.50% 05/2022 10/2028 0.2 0.2 0.2 (2)(9) First lien seniorsecured loan 10.63%(1.50%PIK) SOFR (Q) 6.50% 10/2018 10/2028 28.8 28.8 26.8 (2)(9) First lien seniorsecured loan 10.63%(1.50%PIK) SOFR (Q) 6.50% 05/2022 10/2028 4.2 4.2 3.9 (2)(9) 35.1 32.6 See accompanying notes to consolidated financial statements. F-60
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets North AmericanScience Associates,LLC, CardinalPurchaser LLC andCardinal TopcoHoldings, L.P. Contract researchorganizationproviding researchand developmentand testing ofmedical devices First lien seniorsecured revolvingloan 8.37% SOFR (Q) 4.50% 09/2021 03/2027 2.5 2.5 2.5 (2)(9) First lien seniorsecured loan 9.85% SOFR (Q) 6.00% 09/2020 09/2027 46.1 46.1 46.1 (2)(9) First lien seniorsecured loan 9.85% SOFR (Q) 6.00% 12/2020 09/2027 0.1 0.1 0.1 (2)(9) First lien seniorsecured loan 9.85% SOFR (Q) 6.00% 02/2021 09/2027 2.5 2.5 2.5 (2)(9) First lien seniorsecured loan 9.85% SOFR (Q) 6.00% 09/2021 09/2027 9.2 9.2 9.2 (2)(9) Seniorsubordinated loan 11.00%PIK 03/2023 03/2027 1.8 1.8 1.8 (2) Class A preferredunits 8.00%PIK 09/2020 13,528 20.5 26.8 (2) 82.7 89.0 Verista, Inc. (13) Provides systemsconsulting forcompliance,automation,validation, andpackaging solutionsto the healthcaresector First lien seniorsecured loan 10.85%(1.00%PIK) SOFR (M) 7.00% 05/2022 02/2027 0.8 0.8 0.7 (2)(9) WCI-BXCPurchaser, LLC andWCI-BXCInvestment Holdings,L.P. Manufacturer ofmonoclonalantibodies Limitedpartnershipinterest 11/2023 1,529,000 1.5 1.6 (2) 800.4 794.9 5.55% Materials Adonis AcquisitionHoldings LLC andAdonis AcquisitionHoldings Parent LLC(5)(13) Producer and fillerof aluminumbeverage cans First lien seniorsecured loan 9.30%PIK SOFR (Q) 5.50% 02/2025 02/2030 15.9 15.9 15.9 (2)(9) First lien seniorsecured loan 9.27%PIK SOFR (Q) 5.50% 11/2025 02/2030 0.9 0.9 0.9 (2)(9) Common units 02/2025 268,223 17.6 7.6 (2) 34.4 24.4 AP AdhesivesHoldings, LLC (13) Distributor ofindustrial adhesivesand equipment First lien seniorsecured loan 8.66% SOFR (Q) 4.75% 04/2025 04/2032 32.2 32.2 31.9 (2)(9) ASP-r-pacAcquisition CO LLCand ASP-r-pacHoldings LP (13) Manufacturer andsupplier of printedpackaging andtrimmings First lien seniorsecured revolvingloan 9.83% SOFR (M) 6.00% 12/2021 12/2027 4.9 4.9 4.9 (2)(9) First lien seniorsecured loan 10.10% SOFR (Q) 6.00% 12/2021 12/2027 0.1 0.1 0.1 (2)(9) First lien seniorsecured loan 9.84% SOFR (Q) 6.00% 10/2024 12/2027 3.3 3.3 3.3 (2)(9) Class A units 12/2021 201,557 20.2 21.3 (2) 28.5 29.6 Bulab Holdings, Inc.and Buckman PPCCo-Invest LP (13) Privately held,global specialtychemical companythat providesprocess and watertreatment chemistryfor variousindustries First lien seniorsecured revolvingloan 06/2025 07/2032 — — — (2)(11) First lien seniorsecured loan 6.65% Euribor(M) 4.75% 06/2025 07/2032 10.1 10.1 10.1 (2)(9) First lien seniorsecured loan 8.47% SOFR (M) 4.75% 06/2025 07/2032 51.9 51.9 51.9 (2)(9) Limitedpartnershipinterest 06/2025 1,968,000 2.0 2.3 (2) 64.0 64.3 See accompanying notes to consolidated financial statements. F-61
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Halex Holdings, Inc.(5) Manufacturer offlooring installationproducts Common stock 01/2017 51,853 — — Meyer Laboratory,LLC and MeyerParent, LLC (13) Provider ofindustrial andinstitutionalcleaning chemicalsand applicationsystems First lien seniorsecured revolvingloan 12.50%(3.75%PIK) Base rate(Q) 5.75% 02/2024 02/2030 0.6 0.6 0.5 (2)(9) First lien seniorsecured loan 10.42%(3.75%PIK) SOFR (Q) 6.75% 02/2024 02/2030 32.0 32.0 29.7 (2)(9) Common units 02/2024 440,000 0.4 0.3 33.0 30.5 MP Midco Holdings,LLC and MP TopcoHoldings, LLC Food contractmanufacturer First lien seniorsecured loan 10.34% SOFR (Q) 6.50% 03/2025 03/2030 8.9 8.9 9.0 (2)(9)(16) Common units 03/2025 639,359 4.8 9.7 (2)(16) 13.7 18.7 NCP-MSI Buyer, Inc.and NCP MSI Co-Invest, LP (13)(14) Manufacturing andpackaging companyfor major brands First lien seniorsecured revolvingloan 7.48% SOFR (M) 3.75% 03/2025 03/2031 4.3 4.3 4.3 (2)(9)(12) First lien seniorsecured loan 8.48% SOFR (M) 4.75% 03/2025 03/2031 31.9 31.9 31.9 (2)(9) First lien seniorsecured loan 8.54% SOFR (Q) 4.75% 12/2025 03/2031 1.0 1.0 1.0 (2)(9) Limitedpartnershipinterest 03/2025 852,666 0.9 1.1 (2) 38.1 38.3 Nelipak HoldingCompany, NelipakEuropean HoldingsCooperatief U.A.,KNPAK Holdings,LP and PAKNKNetherlands TreasuryB.V. (13) Manufacturer ofthermoformedpackaging formedical devices First lien seniorsecured revolvingloan 9.23% SOFR (M) 5.50% 03/2024 03/2031 0.4 0.4 0.4 (2)(6)(9) First lien seniorsecured revolvingloan 7.44% Euribor(M) 5.50% 03/2024 03/2031 0.2 0.2 0.2 (2)(6)(9) First lien seniorsecured loan 9.17% SOFR (Q) 5.50% 03/2024 03/2031 20.3 20.3 20.1 (2)(6)(9) First lien seniorsecured loan 7.52% Euribor (Q) 5.50% 03/2024 03/2031 36.0 33.2 35.6 (2)(6)(9) First lien seniorsecured loan 9.17% SOFR (Q) 5.50% 11/2025 03/2031 3.3 3.3 3.3 (2)(6)(9) Class A units 07/2019 6,762,668 6.8 8.2 (2)(6) 64.2 67.8 Novipax Buyer,L.L.C. and NovipaxParent HoldingCompany, L.L.C. Developer andmanufacturer ofabsorbent pads forfood products First lien seniorsecured loan 12.07%(1.00%PIK) SOFR (M) 8.25% 12/2020 12/2026 22.3 22.3 22.3 (2)(9) First lien seniorsecured loan 12.07%(1.00%PIK) SOFR (M) 8.25% 12/2022 12/2026 0.3 0.3 0.3 (2)(9) Class A preferredunits 12/2020 4,772 4.6 3.7 (2) Class C units 12/2020 4,772 — — (2) 27.2 26.3 Plaskolite PPCIntermediate II LLCand Plaskolite PPCBlocker LLC (13) Manufacturer ofspecialized acrylicand polycarbonatesheets First lien seniorsecured revolvingloan 10.86% SOFR (Q) 7.00% 05/2025 02/2030 2.1 2.1 2.0 (2)(9)(12) First lien seniorsecured loan 11.86%(4.00%PIK) SOFR (Q) 8.00% 05/2025 05/2030 264.1 264.0 258.8 (2)(9) Preferred units 10/2023 841 0.1 0.1 (2) Preferred units 05/2025 26,025 0.4 0.5 (2) Co-Invest units 12/2018 5,969 0.6 — (2) 267.2 261.4 See accompanying notes to consolidated financial statements. F-62
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Precision ConceptsParent Inc., PrecisionConceptsInternational LLC,and PrecisionConcepts CanadaCorporation (13) Manufacturer ofdiversifiedpackaging solutionsand plastic injectionmolded products First lien seniorsecured revolvingloan 8.59% SOFR (Q) 4.75% 07/2025 08/2032 0.5 0.5 0.5 (2)(6)(9) First lien seniorsecured loan 8.58% SOFR (Q) 4.75% 07/2025 08/2032 24.9 24.8 24.6 (2)(6)(9) First lien seniorsecured loan 8.59% SOFR (Q) 4.75% 10/2025 08/2032 7.8 7.8 7.7 (2)(6)(9) 33.1 32.8 Reagent Chemical &Research, LLC (13) Supplier of liquidhydrochloric acid First lien seniorsecured revolvingloan 04/2024 04/2030 — — — (2)(11) First lien seniorsecured loan 9.17% SOFR (M) 5.25% 04/2024 04/2031 11.0 11.0 11.0 (2)(9) First lien seniorsecured loan 8.97% SOFR (M) 5.25% 10/2025 04/2031 12.5 12.5 12.5 (2)(9) 23.5 23.5 SCI PH Parent, Inc. Industrial containermanufacturer,reconditioner andservicer Series B shares 08/2018 11 1.1 1.9 (2) Sterilex LLC (13) Provider ofenhanced sanitationtechnologies andsolutions within thefood supply chain First lien seniorsecured loan 8.95% SOFR (Q) 5.25% 09/2025 09/2030 5.3 5.3 5.2 (2)(9) 665.5 656.6 4.59% Independent Powerand RenewableElectricityProducers Apex Clean EnergyTopCo, LLC (4) Developer, builderand owner ofutility-scale windand solar powerfacilities Class A commonunits 11/2021 1,335,610 134.7 225.8 Class B commonunits 07/2025 113,136 11.3 19.2 146.0 245.0 BNZ TopCo B.V.(13) Developer andoperator of solarphotovoltaic plants Seniorsubordinated loan 8.77% Euribor (Q) 6.75% 10/2024 10/2030 13.3 11.9 13.1 (2)(6)(9) PosiGen, Inc. Seller and leaser ofsolar power systemsfor residential andcommercialcustomers Warrant topurchase shares ofseries D-1preferred stock 06/2021 06/2028 7,616 — — (2) Warrant topurchase shares ofcommon stock 01/2020 01/2027 5,560 — — (2) — — Sunrun AtlasDepositor 2019-2,LLC and SunrunAtlas Holdings 2019-2, LLC Residential solarenergy provider First lien seniorsecured loan 3.61% 10/2019 02/2055 0.1 0.1 0.1 (2) Seniorsubordinated loan 10.74% SOFR (Q) 6.90% 11/2019 11/2026 186.3 186.3 158.4 (2)(9) 186.4 158.5 Sunrun Luna Holdco2021, LLC Residential solarenergy provider Seniorsubordinated loan 10.59% SOFR (Q) 6.75% 03/2022 04/2027 150.0 150.0 141.0 (2)(6)(9) Sunrun XanaduIssuer 2019-1, LLCand Sunrun XanaduHoldings 2019-1,LLC Residential solarenergy provider First lien seniorsecured loan 3.98% 06/2019 06/2054 0.2 0.2 0.2 (2) Seniorsubordinated loan 10.57%(6.90%PIK) SOFR (Q) 6.90% 06/2019 07/2030 86.7 86.7 84.9 (2)(9) 86.9 85.1 See accompanying notes to consolidated financial statements. F-63
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets 581.2 642.7 4.49% Consumer Durablesand Apparel Bowhunter Holdings,LLC Provider of brandedarchery andbowhuntingaccessories Common units 04/2014 421 4.2 — Centric Brands LLC,Centric BrandsTopCo, LLC, andCentric Brands L.P.(4) Designer, marketerand distributor oflicensed and ownedapparel First lien seniorsecured loan 9.39% SOFR (Q) 5.50% 02/2024 08/2029 28.4 26.6 28.4 (2)(9) Seniorsubordinated loan 11.89%PIK SOFR (Q) 8.00% 02/2024 02/2031 30.1 28.6 30.1 (2)(9) Seniorsubordinated loan 10.39% SOFR (Q) 6.50% 02/2024 02/2031 18.6 17.3 18.7 (2)(9) Class A limitedpartnershipinterests 02/2024 6.27% 2.9 7.6 (2) 75.4 84.8 DRS Holdings III,Inc. and DRSHoldings I, Inc. (13) Footwear andorthopedic foot-carebrand First lien seniorsecured loan 8.97% SOFR (M) 5.25% 03/2025 11/2028 59.6 59.6 59.6 (2)(9) Common stock 11/2019 8,549 8.5 9.8 (2) 68.1 69.4 Fossil Group, Inc.,Fossil Partners, L.P.,and Fossil CanadaInc. (13) Designer andmanufacturer ofconsumer fashionaccessories First lien seniorsecured revolvingloan 9.04% SOFR (M) 5.00% 08/2025 08/2030 2.2 2.2 2.2 (2)(6)(9) Implus Footcare,LLC, ImplusHoldings, LLC, andImplus Topco, LLC(5)(13) Provider offootwear and otheraccessories First lien seniorsecured loan 9.68%(4.00%PIK) SOFR (Q) 6.00% 06/2025 10/2028 14.1 14.1 14.1 (2)(9) First lien seniorsecured loan 9.68%PIK SOFR (Q) 6.00% 07/2025 10/2028 29.3 29.3 29.3 (2)(9) Common units 07/2025 28,049,368 41.9 38.8 (2) 85.3 82.2 Johnnie-O Inc. andJohnnie-O HoldingsInc. Apparel retailer First lien seniorsecured loan 10.39% SOFR (Q) 6.25% 03/2022 03/2027 17.5 17.3 17.5 (2)(9) Series Aconvertiblepreferred stock 03/2022 144,210 4.2 6.0 (2) Warrant topurchase shares ofcommon stock 03/2022 03/2032 93,577 1.5 3.9 (2) 23.0 27.4 Lew's IntermediateHoldings, LLC (13) Outdoor brandholding company First lien seniorsecured loan 8.82% SOFR (Q) 5.00% 02/2021 02/2028 1.0 1.0 0.9 (2)(9) Pelican Products, Inc.(13) Flashlightsmanufacturer First lien seniorsecured revolvingloan 7.82% SOFR (Q) 4.00% 12/2021 09/2028 2.2 2.2 2.0 (2)(9) Second lien seniorsecured loan 11.68% SOFR (Q) 7.75% 12/2021 12/2029 60.0 60.0 55.2 (2)(9) 62.2 57.2 Rawlings SportingGoods Company, Inc.and SEP DiamondFund, L.P. (13)(14) Sports equipmentmanufacturingcompany First lien seniorsecured revolvingloan 7.72% SOFR (A) 3.75% 11/2024 11/2029 5.5 5.5 5.5 (2)(9) First lien seniorsecured loan 8.57% SOFR (Q) 4.75% 12/2020 11/2030 32.9 32.9 32.9 (2)(9) First lien seniorsecured loan 8.57% SOFR (Q) 4.75% 11/2021 11/2030 0.1 0.1 0.1 (2)(9) First lien seniorsecured loan 8.57% SOFR (Q) 4.75% 02/2024 11/2030 5.6 5.6 5.6 (2)(9) First lien seniorsecured loan 8.57% SOFR (Q) 4.75% 11/2024 11/2030 3.3 3.3 3.3 (2)(9) Limitedpartnershipinterest 06/2024 11,052,702 11.1 17.7 (2) 58.5 65.1 See accompanying notes to consolidated financial statements. F-64
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Reef Lifestyle, LLC(13) Apparel retailer First lien seniorsecured revolvingloan 11.79%(2.25%PIK) SOFR (Q) 8.00% 10/2018 10/2027 25.1 25.1 25.1 (2)(9)(12) First lien seniorsecured revolvingloan 11.82%(2.25%PIK) SOFR (Q) 8.00% 07/2020 10/2027 4.7 4.7 4.7 (2)(9)(12) First lien seniorsecured loan 11.82%(2.25%PIK) SOFR (Q) 8.00% 10/2018 10/2027 19.7 19.7 19.7 (2)(9) First lien seniorsecured loan 11.82%(2.25%PIK) SOFR (Q) 8.00% 07/2020 10/2027 3.9 3.9 3.9 (2)(9) 53.4 53.4 S Toys HoldingsLLC (fka The Step2Company, LLC) (5) Toy manufacturer Common units 04/2011 1,116,879 — — Class B commonunits 10/2014 126,278,000 — — Warrant topurchase units 04/2010 12/2050 3,157,895 — — — — Shoes For CrewsGlobal, LLC andShoes For CrewsHoldings, LLC (4)(13) Manufacturer anddistributor of slipresistant footwear First lien seniorsecured loan 10.33% SOFR (M) 6.50% 04/2024 07/2029 1.2 1.2 1.2 (2)(9) First lien seniorsecured loan 10.33% SOFR (M) 6.50% 06/2024 07/2029 6.5 6.5 6.5 (2)(9) First lien seniorsecured loan 10.83% SOFR (M) 7.00% 06/2024 07/2029 3.8 3.8 3.8 (2)(9) Class A commonunits 06/2024 8,474 10.5 11.4 (2) 22.0 22.9 Sport Maska Inc.(13) Manufacturer ofhockey equipmentand relatedaccessories First lien seniorsecured revolvingloan 8.98% SOFR (M) 5.25% 12/2024 12/2030 2.3 2.2 2.2 (2)(6)(9)(12) First lien seniorsecured loan 7.77% CDOR (M) 5.50% 12/2024 12/2030 36.6 35.0 36.6 (2)(6)(9) 37.2 38.8 St Athena GlobalLLC and St AthenaGlobal HoldingsLimited (13) Designer andmanufacturer ofbranded premium-quality tableware First lien seniorsecured revolvingloan 9.10% SOFR (Q) 5.25% 06/2024 06/2029 0.4 0.4 0.4 (2)(6)(9) First lien seniorsecured loan 9.02% SOFR (Q) 5.25% 06/2024 06/2030 29.7 29.7 29.1 (2)(6)(9) First lien seniorsecured loan 8.97% SONIA (M) 5.25% 06/2024 06/2030 18.1 17.0 17.7 (2)(6)(9) 47.1 47.2 Team AcquisitionCorporation (13) Provider of teamuniforms andathletic wear First lien seniorsecured revolvingloan 10.80% SOFR (Q) 7.00% 01/2024 11/2028 2.2 2.2 1.9 (2)(9) First lien seniorsecured revolvingloan 12.75% Base Rate(Q) 6.00% 01/2024 11/2028 1.6 1.6 1.4 (2)(9) First lien seniorsecured loan 10.72% SOFR (M) 7.00% 01/2024 11/2029 34.2 33.8 29.1 (2)(9) 37.6 32.4 577.2 583.9 4.08% Household andPersonal Products Beacon WellnessBrands, Inc. and CDIHoldings I Corp. (13) Provider of personalcare appliances First lien seniorsecured loan 12.27%(0.50%PIK) SOFR (M) 8.25% 12/2021 12/2027 3.5 3.5 3.3 (2)(9) Common stock 12/2021 6,149 6.1 2.2 (2) 9.6 5.5 FoundationConsumer Brands,LLC (13) Pharmaceuticalholding company ofover the counterbrands First lien seniorsecured loan 9.09% SOFR (Q) 5.00% 02/2021 02/2029 32.0 31.8 32.0 (2)(9) See accompanying notes to consolidated financial statements. F-65
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets First lien seniorsecured loan 9.09% SOFR (Q) 5.00% 06/2023 02/2029 0.2 0.2 0.2 (2)(9) 32.0 32.2 LifeStyles BidcoLtd., Lifestyles USHoldco, Inc. andLifeStyles Parent,L.P. Provider of intimatewellness products First lien seniorsecured loan 9.42% SOFR (Q) 5.75% 11/2022 11/2028 18.1 18.1 18.1 (2)(6)(9) First lien seniorsecured loan 9.42% SOFR (Q) 5.75% 12/2023 11/2028 9.3 8.7 9.3 (2)(6)(9) Preferred units 8.00%PIK 11/2022 3,178 4.1 4.1 (2)(6) Class B commonunits 11/2022 32,105 — 1.0 (2)(6) 30.9 32.5 pH Beauty HoldingsIII, Inc. (13) Beauty and personalcare platform First lien seniorsecured loan 8.78% SOFR (S) 5.00% 02/2025 09/2027 12.2 12.2 12.2 (2) Premier Specialties,Inc. and RMCF VCIV XLIV, L.P. (13) Manufacturer andsupplier of naturalfragrance materialsand cosmeceuticals First lien seniorsecured revolvingloan 10.82% SOFR (M) 7.00% 08/2021 08/2027 2.9 2.9 2.7 (2)(9) First lien seniorsecured loan 10.82% SOFR (M) 7.00% 08/2021 08/2027 28.0 28.0 25.7 (2)(9) Limited partnerinterests 08/2021 2.69% 5.0 1.3 (2) 35.9 29.7 RD Holdco Inc. (5) Manufacturer andmarketer of carpetcleaning machines Common stock 01/2017 458,596 14.0 — Common units 12/2025 190,445 — — (2) Common units 12/2025 649,880 17.5 24.2 (2) Common units 12/2025 323 — — (2) 31.5 24.2 Silk Holdings IIILLC and SilkHoldings I Corp. (13) Producer of personalcare products First lien seniorsecured revolvingloan 8.34% SOFR (M) 4.50% 12/2025 12/2032 2.0 2.0 2.0 (2)(9) First lien seniorsecured loan 8.34% SOFR (M) 4.50% 12/2025 12/2032 132.9 132.9 131.6 (2)(9) First lien seniorsecured loan 8.34% SOFR (M) 4.50% 05/2023 12/2032 66.5 66.5 65.9 (2)(9) Common stock 05/2023 15,786 18.1 39.0 (2) 219.5 238.5 TCI Buyer LLC andTCI Holdings, LP(13) Contract formulatorand manufacturer ofbeauty and personalcare products First lien seniorsecured loan 8.47% SOFR (M) 4.75% 11/2024 11/2030 14.8 14.8 14.8 (2)(9) Common stock 11/2024 24,010 2.4 2.4 (2) 17.2 17.2 Walnut Parent, Inc. Manufacturer ofnatural solution pestand animal controlproducts First lien seniorsecured loan 9.42% SOFR (Q) 5.75% 11/2020 11/2027 14.3 14.3 13.3 (2)(9) First lien seniorsecured loan 9.47% SOFR (M) 5.75% 04/2022 11/2027 0.1 0.1 0.1 (2)(9) 14.4 13.4 WU Holdco, Inc. (13) Manufacturer anddistributor ofhousehold cleaningproducts with focuson specializedsurfaces First lien seniorsecured revolvingloan 8.44% SOFR (Q) 4.75% 04/2025 04/2032 0.5 0.5 0.5 (2) First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 04/2025 04/2032 10.5 10.5 10.5 (2)(9) 11.0 11.0 414.2 416.4 2.91% Automobiles andComponents Automotive KeysGroup, LLC andAutomotive KeysInvestor, LLC Provider ofreplacementwireless keys forautomotive market First lien seniorsecured loan 10.32% SOFR (Q) 6.50% 12/2021 08/2026 0.1 0.1 0.1 (2)(9) See accompanying notes to consolidated financial statements. F-66
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets First lien seniorsecured loan 10.32% SOFR (Q) 6.50% 12/2022 08/2026 4.3 4.3 3.8 (2)(9) Preferred units 11/2020 4,113,113 5.1 0.4 (2) Preferred units 11/2020 1,095,046 1.1 0.1 (2) Class A commonunits 11/2020 5,208,159 — — (2) 10.6 4.4 Churchill OpCoHoldings LLC andVictory Topco, LP(13) Operator ofcollision repaircenters First lien seniorsecured revolvingloan 8.62% SOFR (Q) 5.00% 11/2023 11/2029 0.5 0.5 0.5 (2)(9) First lien seniorsecured loan 8.67% SOFR (Q) 5.00% 11/2023 11/2029 21.9 21.9 21.9 (2)(9) Class A-2common units 11/2023 20,170 2.0 5.6 (2) 24.4 28.0 Collision SP Subco,LLC (13) Provider of autobody collisionrepair services First lien seniorsecured revolvingloan 8.57% SOFR (Q) 4.75% 01/2024 01/2030 0.2 0.2 0.2 (2)(9) First lien seniorsecured loan 8.54% SOFR (Q) 4.75% 01/2024 01/2030 10.1 10.1 10.1 (2)(9) First lien seniorsecured loan 8.51% SOFR (Q) 4.75% 04/2025 01/2030 0.7 0.7 0.7 (2)(9) 11.0 11.0 ContinentalAcquisition Holdings,Inc. and ContinentalGroup Holdings, L.P. Distributor ofaftermarketbatteries to theelectric utilityvehicle, automotive,commercial, marineand industrialmarkets First lien seniorsecured loan 01/2021 07/2028 42.4 37.0 23.7 (2)(8) First lien seniorsecured loan 12/2021 07/2028 6.3 5.5 3.5 (2)(8) Class A units 07/2025 52,073 — — (2) 42.5 27.2 Faraday Buyer, LLC Manufacturer andsupplier for thepower utility andautomotive marketsworldwide First lien seniorsecured loan 9.67% SOFR (Q) 6.00% 10/2022 10/2028 54.3 54.3 54.3 (2)(9) First lien seniorsecured loan 9.67% SOFR (Q) 6.00% 11/2023 10/2028 7.7 7.7 7.7 (2)(9) 62.0 62.0 Faraday&Future Inc.,FF Inc., Faraday SPE,LLC and FaradayFuture IntelligentElectric Inc. Electric vehiclemanufacturer Warrant topurchase sharesof Class Acommon stock 08/2021 08/2027 27,824,527 2.3 — (2) Highline AftermarketAcquisition, LLC,Highline AftermarketSC Acquisition, Inc.and Highline PPCBlocker LLC (13) Manufacturer anddistributor ofautomotive fluids Co-invest units 11/2020 59,230 5.9 12.8 (2) Sun Acquirer Corp.and Sun TopCo, LP(13) Automotive partsand repair servicesretailer First lien seniorsecured revolvingloan 09/2021 09/2027 — — — (2)(11) First lien seniorsecured loan 8.22% SOFR (M) 4.50% 09/2021 09/2028 23.0 22.9 23.0 (2)(9) First lien seniorsecured loan 8.22% SOFR (M) 4.50% 11/2021 09/2028 9.1 9.1 9.1 (2)(9) First lien seniorsecured loan 8.22% SOFR (M) 4.50% 06/2022 09/2028 12.2 12.2 12.2 (2)(9) First lien seniorsecured loan 8.23% SOFR (M) 4.50% 11/2024 09/2028 19.0 19.0 19.0 (2)(9) Class A units 09/2021 79,688 8.0 11.3 (2) 71.2 74.6 Telle Tire & AutoService, LLC andNext Horizon CapitalTireCo SPV, LP (13) Provider ofautomobile partsand auto repairservices First lien seniorsecured revolvingloan 8.95% SOFR (S) 4.75% 03/2025 03/2031 0.2 0.2 0.2 (2)(9) See accompanying notes to consolidated financial statements. F-67
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets First lien seniorsecured revolvingloan 10.50% Base Rate(Q) 3.75% 03/2025 03/2031 0.1 0.1 0.1 (2)(9) First lien seniorsecured loan 8.78% SOFR (Q) 4.75% 03/2025 03/2031 3.7 3.7 3.7 (2)(9) First lien seniorsecured loan 8.64% SOFR (Q) 4.75% 07/2025 03/2031 3.1 3.1 3.1 (2)(9) Limitedpartnershipinterests 03/2025 330,000 0.3 0.4 7.4 7.5 Truck-Lite Co., LLC,ECCO HoldingsCorp., and ClarityTechnologiesHoldings, LP (13) Provider of globaltransportation safetyand productivityapplications First lien seniorsecured revolvingloan 06/2025 02/2031 — — — (2)(11) First lien seniorsecured loan 8.48% SOFR (M) 4.75% 06/2025 02/2032 149.7 149.7 149.7 (2)(9) Class A units 09/2025 55,220 5.5 5.5 (2) 155.2 155.2 392.5 382.7 2.67% Food and Beverage American SeafoodsGroup LLC andAmerican SeafoodsPartners LLC Harvester andprocessor ofseafood Class A units 08/2015 77,922 0.1 0.1 (2) Warrant topurchase units ofClass A units 08/2015 08/2035 7,422,078 7.4 8.1 (2) 7.5 8.2 Badia Spices, LLC(13) Spices andseasonings brand First lien seniorsecured loan 8.09% SOFR (Q) 4.25% 11/2024 11/2030 9.1 9.1 9.1 (2)(9) Berner Food &Beverage, LLC (13) Supplier of dairy-based food andbeverage products First lien seniorsecured revolvingloan 10.49% SOFR (Q) 6.50% 07/2021 07/2026 0.8 0.8 0.8 (2)(9) First lien seniorsecured loan 10.49% SOFR (Q) 6.50% 12/2024 07/2027 1.4 1.4 1.4 (2)(9) 2.2 2.2 Bragg Live FoodProducts, LLC andSPC Investment Co.,L.P. (4) Health foodcompany Common units 03/2019 14,850 8.4 21.4 (2) CHG PPC ParentLLC & PPC CHGBlocker LLC Diversified foodproductsmanufacturer Common units 12/2021 59 3.0 5.0 (2) Demakes Enterprises,LLC Value-added proteinmanufacturer First lien seniorsecured loan 9.67% SOFR (Q) 6.00% 12/2023 12/2029 6.2 6.2 6.2 (2)(9) Florida FoodProducts, LLC Provider of plantextracts and juices First lien seniorsecured loan 9.43% SOFR (Q) 5.50% 10/2021 10/2030 0.1 0.1 0.1 (2)(9) First lien seniorsecured loan 9.05% SOFR (Q) 5.00% 10/2021 10/2030 0.4 0.4 0.3 (2)(9) First lien seniorsecured loan 9.43% SOFR (Q) 5.50% 06/2022 10/2030 0.1 0.1 0.1 (2)(9) First lien seniorsecured loan 8.93% SOFR (Q) 5.00% 06/2022 10/2030 0.4 0.3 0.2 (2)(9) First lien seniorsecured loan 9.05% SOFR (Q) 5.00% 10/2025 10/2030 11.3 8.0 7.8 (2)(9) First lien seniorsecured loan 9.43% SOFR (Q) 5.50% 10/2025 10/2030 0.1 0.1 0.1 (2)(9) First lien seniorsecured loan 10/2025 04/2031 60.5 36.3 36.3 (2)(8) 45.3 44.9 Forward KeystoneHoldings, LP (13) Provider of better-for-you breakfastand snacking brand Seniorsubordinated loan 15.00%(8.00%PIK) 03/2025 03/2029 26.5 26.5 26.5 (2) Common units 03/2025 3,852,000 3.9 4.2 (2) 30.4 30.7 See accompanying notes to consolidated financial statements. F-68
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets Gotham GreensHoldings, PBC Producer ofvegetables andculinary herbs forrestaurants andretailers Second lien seniorsecured loan 15.00%PIK 11/2025 02/2029 3.3 3.1 3.0 Series E-1preferred stock 06/2022 188,605 16.5 — (2) Warrant topurchase shares ofSeries E-1preferred stock 06/2022 06/2032 78,216 — — (2) 19.6 3.0 HBH Buyer, LLC(13) Food retailerspecializing in fullycooked hams andcatering services First lien seniorsecured loan 8.92% SOFR (Q) 5.25% 09/2025 09/2031 23.8 23.8 23.5 (2)(9) KNPC HoldCo, LLC Producer of trailmix and mixed nutsnack products First lien seniorsecured loan 9.80% SOFR (S) 5.50% 04/2022 10/2029 5.4 5.4 5.4 (2)(9) First lien seniorsecured loan 11.05% SOFR (S) 6.75% 12/2022 10/2029 1.3 1.3 1.3 (2)(9) First lien seniorsecured loan 10.30% SOFR (S) 6.00% 11/2023 10/2029 2.7 2.7 2.7 (2)(9) First lien seniorsecured loan 10.05% SOFR (S) 5.75% 12/2024 10/2029 27.4 27.4 27.4 (2)(9) 36.8 36.8 Manna Pro Products,LLC and MP BlockerA LLC Manufacturer andsupplier of specialtynutrition and careproducts for animals Common units 10/2025 998 — — (2) Max US Bidco Inc. Manufacturer ofpremium dry dogfood First lien seniorsecured loan 8.67% SOFR (Q) 5.00% 10/2023 10/2030 1.0 0.9 0.8 (2)(16) Primo WaterHoldings Inc / TritonWater Holdings Inc Producer andprovider of bottledwater brands First lien seniorsecured loan 5.92% SOFR (Q) 2.25% 03/2021 03/2028 1.0 1.0 1.0 (2)(9)(16) Seniorsubordinated loan 6.25% 03/2021 04/2029 0.1 0.1 0.1 (2)(6)(16) 1.1 1.1 RB HoldingsInterCo, LLC (13) Manufacturer of petfood and treats First lien seniorsecured revolvingloan 9.03% SOFR (Q) 5.00% 05/2022 05/2028 0.8 0.8 0.8 (2)(9) First lien seniorsecured loan 9.04% SOFR (Q) 5.00% 05/2022 05/2028 11.1 11.1 10.9 (2)(9) 11.9 11.7 Spindrift BeverageCo., Inc. and SBCAggregator LP (13)(14) Premium flavoredsparkling waterbrand First lien seniorsecured loan 8.94% SOFR (Q) 5.00% 02/2025 02/2032 12.2 12.2 12.2 (2)(9) Limitedpartnership units 02/2025 8,739 8.7 11.3 (2) 20.9 23.5 Sugar PPC BuyerLLC (13) Manufacturer anddistributor of foodproducts First lien seniorsecured loan 8.42% SOFR (S) 4.75% 10/2023 10/2031 15.6 15.6 15.6 (2)(9) First lien seniorsecured loan 8.35% SOFR (S) 4.75% 07/2024 10/2031 1.2 1.2 1.2 (2)(9) 16.8 16.8 Teasdale Foods, Inc.and Familia GroupHoldings Inc. Provider of beans,sauces and hominyto the retail,foodservice andwholesale channels First lien seniorsecured loan 12/2020 12/2027 77.4 76.7 58.8 (2)(8) Warrant topurchase shares ofcommon stock 02/2019 02/2034 57,827 — — (2) 76.7 58.8 Watermill Express,LLC and WatermillExpress Holdings,LLC (13) Owner and operatorof self-service waterand ice stations First lien seniorsecured revolvingloan 04/2021 04/2031 — — — (2)(11) First lien seniorsecured loan 8.75% SOFR (Q) 4.75% 04/2021 04/2031 9.4 9.4 9.4 (2)(9) See accompanying notes to consolidated financial statements. F-69
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue % ofNetAssets First lien seniorsecured loan 8.71% SOFR (Q) 4.75% 01/2024 04/2031 5.6 5.6 5.6 (2)(9) First lien seniorsecured loan 8.60% SOFR (Q) 4.75% 08/2024 04/2031 3.9 3.9 3.9 (2)(9) First lien seniorsecured loan 8.75% SOFR (Q) 4.75% 04/2025 04/2031 3.7 3.7 3.7 (2)(9) Class E units 07/2025 45,449 — — 22.6 22.6 343.2 326.3 2.28% Energy GNZ Energy BidcoLimited and GalileoCo-investment Trust I(13) Independent fuelprovider in NewZealand First lien seniorsecured loan 8.57% BKBM (Q) 6.00% 05/2022 07/2027 28.0 30.5 28.0 (2)(6)(9) Common units 07/2022 17,616,667 5.1 11.6 (2)(6) 35.6 39.6 HighPeak Energy,Inc. Oil and gasexploration andproductioncompany First lien seniorsecured loan 11.32% SOFR (Q) 7.50% 09/2023 09/2028 156.7 155.5 156.7 (2)(6)(9) Murchison Oil andGas, LLC andMurchison Holdings,LLC Exploration andproductioncompany Preferred units 06/2022 41,000 — 0.8 Phoenix OperatingLLC Oil and gasinvestmentcompany First lien seniorsecured loan 10.77% SOFR (Q) 7.00% 08/2025 10/2028 46.0 43.4 43.0 (2)(9) First lien seniorsecured loan 10.77% SOFR (Q) 7.00% 10/2025 10/2028 28.0 28.0 27.2 (2)(9) 71.4 70.2 VPROP Operating,LLC and V SandCo,LLC (5) Sand-basedproppant producerand distributor tothe oil and naturalgas industry First lien seniorsecured loan 13.55%PIK SOFR (M) 9.50% 06/2020 11/2026 7.1 7.1 7.1 (2)(9) First lien seniorsecured loan 13.55%PIK SOFR (M) 9.50% 11/2020 11/2026 5.8 5.8 5.8 (2)(9) First lien seniorsecured loan 13.46%PIK SOFR (M) 9.50% 12/2024 01/2026 7.4 7.4 7.4 (2)(9) First lien seniorsecured loan 03/2017 11/2026 32.2 30.3 14.1 (2)(8) Class A units 11/2020 347,900 32.8 — (2) 83.4 34.4 345.9 301.7 2.11% Gas Utilities Ferrellgas, L.P. andFerrellgas Partners,L.P. Distributor ofpropane and relatedaccessories Senior preferredunits 8.96% 03/2021 64,155 64.2 73.4 Class B units 09/2022 95,354 15.4 25.3 (2) 79.6 98.7 Opal FuelsIntermediate HoldCoLLC, and Opal FuelsInc. Owner of naturalgas facilities First lien seniorsecured loan 7.17% SOFR (Q) 3.50% 09/2023 09/2028 0.1 0.1 0.1 (2)(6) Class A commonstock 07/2022 3,059,533 23.3 7.2 (6)(16) 23.4 7.3 103.0 106.0 0.74% TechnologyHardware &Equipment EverspinTechnologies, Inc. Designer andmanufacturer ofcomputer memorysolutions Warrant topurchase sharesof common stock 10/2016 10/2026 18,461 0.4 — See accompanying notes to consolidated financial statements. F-70
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value % of NetAssets Excelitas TechnologiesCorp. (13) Provider ofphotonic solutions First lien seniorsecured loan 8.97% SOFR (M) 5.25% 05/2024 08/2029 7.1 7.1 7.1 (2)(9) FL Hawk IntermediateHoldings, Inc. (13) Provider of variabledata labeling for theapparel industry First lien seniorsecured loan 8.35% SOFR (M) 4.50% 10/2024 02/2030 10.3 10.2 10.3 (2)(9) PerkinElmer U.S. LLCand NM Polaris Co-Invest, L.P. Provider ofanalyticalinstrumentation andtesting equipmentand services First lien seniorsecured loan 8.48% SOFR (M) 4.75% 05/2024 03/2029 11.0 11.0 11.0 (2)(9) Class A-2 units 01/2022 34,832 4.8 5.1 Limitedpartnershipinterests 03/2023 0.55% 9.9 14.3 (2) 25.7 30.4 Repairify, Inc. andRepairify Holdings,LLC (13) Provider ofautomotivediagnostics scansand solutions First lien seniorsecured revolvingloan 9.24% SOFR (S) 5.25% 06/2021 06/2027 5.1 5.1 5.1 (2)(9) First lien seniorsecured loan 9.10% SOFR (S) 5.25% 05/2025 06/2027 5.0 5.0 5.0 (2)(9) Class A commonunits 06/2021 163,820 4.9 2.7 (2) 15.0 12.8 58.4 60.6 0.42% TelecommunicationServices Expereo USA, Inc. andRistretto Bidco B.V.(13) Global internetmanaged serviceprovider First lien seniorsecured loan 10.22%(3.50%PIK) SOFR (Q) 6.50% 12/2024 12/2030 61.8 61.8 60.6 (2)(6)(9) 61.8 60.6 0.42% Data Centers Retained Vantage DataCenters IntermediateHoldco, LP andRetained Vantage DataCenters Assets, LP(13) Global data centerdeveloper andoperator First lien seniorsecured loan 9.50% 12/2025 12/2031 40.8 40.8 40.1 (2) 40.8 40.1 0.28% Transportation Nordic FerryInfrastructure AS Private passenger &freight ferrytransportationcompany Seniorsubordinated loan 7.07% Euribor (Q) 5.00% 11/2024 11/2031 0.1 0.1 0.1 (2)(6) Seniorsubordinated loan 9.23% NIBOR (Q) 5.00% 11/2024 11/2031 0.1 0.1 0.1 (2)(6) 0.2 0.2 Zeppelin US BuyerInc. and ProvidenceEquity Partners IX-CL.P. (13)(14) Specialty logisticsplatform for high-stakes projects inmusic, sports,production, fine art,and automotiveindustries First lien seniorsecured loan 8.42% SOFR (Q) 4.75% 07/2025 08/2032 11.0 11.0 10.9 (2)(9) Limitedpartnershipinterest 07/2025 1,418,569 1.4 1.4 (2) 12.4 12.3 12.6 12.5 0.09% Total Investments $ 29,249.9 $29,484.8 (17) 205.93% See accompanying notes to consolidated financial statements. F-71
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Derivative Instruments Forward currency contracts Description Notional Amount to bePurchased Notional Amount to besold Counterparty Settlement Date Unrealized Appreciation /(Depreciation) Foreign currency forward contract $ 181 € 155 Royal Bank of Canada January 23, 2026 $ (1) Foreign currency forward contract $ 165 CAD 230 Canadian Imperial Bank of Commerce January 23, 2026 (3) Foreign currency forward contract $ 159 £ 144 Canadian Imperial Bank of Commerce June 11, 2027 (1) Foreign currency forward contract $ 112 € 96 Canadian Imperial Bank of Commerce January 23, 2026 (1) Foreign currency forward contract $ 109 £ 82 Royal Bank of Canada July 28, 2028 — Foreign currency forward contract $ 109 £ 82 Canadian Imperial Bank of Commerce July 28, 2028 — Foreign currency forward contract $ 84 £ 68 Royal Bank of Canada August 21, 2026 (3) Foreign currency forward contract $ 75 £ 56 Canadian Imperial Bank of Commerce January 23, 2026 (1) Foreign currency forward contract $ 71 £ 53 Royal Bank of Canada January 23, 2026 (1) Foreign currency forward contract $ 69 CAD 95 Canadian Imperial Bank of Commerce March 31, 2028 (1) Foreign currency forward contract $ 67 € 58 Canadian Imperial Bank of Commerce June 11, 2027 (1) Foreign currency forward contract $ 58 JPY 8,131 Royal Bank of Canada January 31, 2028 2 Foreign currency forward contract $ 56 CAD 77 Canadian Imperial Bank of Commerce March 31, 2027 (1) Foreign currency forward contract $ 55 CAD 76 Royal Bank of Canada January 31, 2028 (1) Foreign currency forward contract $ 52 CAD 72 Royal Bank of Canada January 23, 2026 (1) Foreign currency forward contract $ 48 £ 35 Royal Bank of Canada June 27, 2028 1 Foreign currency forward contract $ 37 NZD 64 Royal Bank of Canada January 23, 2026 — Foreign currency forward contract $ 31 € 26 Canadian Imperial Bank of Commerce August 14, 2028 — Foreign currency forward contract $ 24 £ 22 Canadian Imperial Bank of Commerce August 21, 2026 — Foreign currency forward contract $ 15 AUD 22 Canadian Imperial Bank of Commerce November 17, 2026 — Foreign currency forward contract $ 6 NOK 64 Canadian Imperial Bank of Commerce January 23, 2026 — Total $ (13) Interest rate swaps Description Hedged Item CompanyReceives Company Pays Counterparty MaturityDate NotionalAmount Fair Value UpfrontPayments/Receipts Change inUnrealizedAppreciation /(Depreciation) Interest rate swap January 2027 Notes 7.000 %SOFR +2.5810% Wells Fargo Bank, N.A. 01/15/2027$ 900 $ 8 $ — $ 4 Interest rate swap March 2029 Notes 5.875 %SOFR +2.0230% Wells Fargo Bank, N.A. 03/01/2029 1,000 13 — 22 Interest rate swap July 2029 Notes 5.950 %SOFR +1.6430% Wells Fargo Bank, N.A. 07/15/2029 850 25 — 18 Interest rate swap September 2030 Notes 5.500 %SOFR +1.7705% Wells Fargo Bank, N.A. 09/01/2030 750 7 — 7 Interest rate swap January 2031 Notes 5.100 %SOFR +1.7270% SMBC Capital Markets, Inc. 01/15/2031 650 (4) — (4) Interest rate swap March 2032 Notes 5.800 %SOFR +1.6995% Wells Fargo Bank, N.A. 03/08/2032 1,000 28 — 28 Total $ 5,150 $ 77 $ — $ 75 ______________________________________________ (1) Other than the Company’s investments listed in footnote 5 below (subject to the limitations set forth therein), the Company does not “Control” any of its portfolio companies, for the purposes of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). In general, under the Investment Company Act, the Company would “Control” a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. All of the Company’s portfolio company investments, which as of December 31, 2025 represented 206% of the Company’s net assets or 94% of the Company’s total assets, are subject to legal restrictions on sales. (2) These assets are pledged as collateral under the Company’s or the Company’s consolidated subsidiaries’ various revolving credit facilities and debt securitizations and, as a result, are not directly available to the creditors of the Company to satisfy any obligations of the Company other than the obligations under each of the respective credit facilities and debt securitizations (see Note 5). (3) Investments without an interest rate are non-income producing. See accompanying notes to consolidated financial statements. F-72
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(4) As defined in the Investment Company Act, the Company is deemed to be an “Affiliated Person” because it owns 5% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2025 in which the issuer was an Affiliated Person of the Company (but not a portfolio company that the Company is deemed to Control) are as follows: For the Year Ended December 31, 2025 As ofDecember 31,2025 (in millions)Company Purchases(cost) Redemptions(cost) Sales(cost) Interestincome Capitalstructuringservice fees Dividendincome Otherincome Net realizedgains (losses) Net unrealizedgains (losses) Fair Value Align Precision Group, LLCand Align Precision Topco, L.P. $ 1.3 $ — $ — $ 0.8 $ — $ — $ — $ — $ 0.3 $ 14.6 Apex Clean Energy TopCo,LLC 11.4 — — — — — — — 11.2 245.0 APG Intermediate HoldingsCorporation and APGHoldings, LLC — 13.1 — — — — — — 2.0 7.6 Bragg Live Food Products,LLC and SPC Investment Co.,L.P. — 26.2 — 1.3 — 0.3 — — (8.7) 21.4 Centric Brands LLC, CentricBrands TopCo, LLC, andCentric Brands L.P. — 9.9 — 8.8 — — 0.2 0.7 (11.5) 84.8 Daylight Beta Parent LLC andCFCo, LLC — — — — — — 0.1 — (1.2) 1.2 ESCP PPG Holdings, LLC — — — — — — — — (2.7) 0.9 European Capital UK SMEDebt LP — 1.0 — — — — — 6.2 (6.1) 0.2 Fitness Ventures Holdings, Inc.and Meaningful PartnersFitness Ventures Co-Investment LP 3.9 0.4 30.2 2.4 — — 0.1 — (0.7) 25.3 Midco Holding, LLC andNivel Topco, LLC — — — — — — — — — 13.8 OPH NEP Investment, LLC 4.1 — — 3.7 0.1 — — — 0.8 38.7 Partnership Capital GrowthInvestors III, L.P. — 1.1 — — — — — — (0.2) 2.6 PCG-Ares Sidecar Investment,L.P. — — — — — — — — (0.1) 0.5 PCG-TAC-CV, LP (fka PCG-Ares Sidecar Investment II,L.P.) — 7.3 — — — — — 1.3 (8.3) — Pluralsight, LLC andPluralsight Holdings, LLC andParadigmatic Holdco LLC — 0.1 — 3.9 — — 0.1 — (17.2) 40.1 Production Resource Group,L.L.C. and PRG III, LLC 10.1 43.8 — 9.8 0.5 — — (43.1) (1.2) 80.6 Shoes For Crews Global, LLCand Shoes for Crews Holdings,LLC — 0.1 — 1.3 — — — — 0.1 22.9 $ 30.8 $ 103.0 $ 30.2 $ 32.0 $ 0.6 $ 0.3 $ 0.5 $ (34.9) $ (43.5) $ 600.2 See accompanying notes to consolidated financial statements. F-73
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(5) As defined in the Investment Company Act, the Company is deemed to be both an “Affiliated Person” and “Control” this portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2025 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are as follows: For the Year Ended December 31, 2025 As ofDecember 31,2025 (in millions)Company Purchases(cost) Redemptions(cost) Sales(cost) Interestincome Capitalstructuringservice fees Dividendincome Otherincome Net realizedgains (losses) Net unrealizedgains (losses) Fair Value Absolute Dental Group LLCand Absolute Dental Equity,LLC $ 13.8 $ 6.6 $ — $ 4.4 $ — $ — $ 0.1 $ — $ (27.2) $ 52.5 ACAS Equity HoldingsCorporation — — — — — — — — — 0.4 ADF Capital, Inc., ADFRestaurant Group, LLC, andARG Restaurant Holdings, Inc. — — — — — — — — — — ADG, LLC, GEDC Equity,LLC and RC IV GEDCInvestor LLC 2.7 0.2 — 4.8 — — — — (9.0) 58.5 Adonis Acquisition HoldingsLLC and Adonis AcquisitionHoldings Parent LLC 5.0 — — 1.2 — — — — (10.0) 24.4 Halex Holdings, Inc. — — — — — — — — — — HCI Equity, LLC — — — — — — — — — — Imaging Business Machines,L.L.C. and Scanner HoldingsCorporation 1.3 — — 2.6 — — 0.6 — 30.4 99.3 Implus Footcare, LLC, ImplusHoldings, LLC, and ImplusTopco, LLC — — — 1.3 — — — — (3.2) 82.2 Ivy Hill Asset Management,L.P. 812.0 281.5 — 8.5 — 292.0 — — (11.9) 2,433.9 Olympia Acquisition, Inc.,Olympia TopCo, L.P., andAsclepius Holdings LLC — 76.2 — 0.5 — — 0.1 (56.1) 37.8 — PCG-TAC-CV, LP (fka PCG-Ares Sidecar Investment II,L.P.) — — — — — — — (0.1) — 6.8 Potomac IntermediateHoldings II LLC 28.6 — 239.5 — 0.8 — 0.6 261.8 (139.8) — PS Operating Company LLCand PS Op Holdings LLC 2.2 4.2 — — — — — — 0.9 7.9 RD Holdco Inc. 4.7 — — — — — (1.7) 14.9 24.2 S Toys Holdings LLC (fka TheStep2 Company, LLC) — — — — — — — — — — Senior Direct LendingProgram, LLC 195.3 355.6 — 145.4 5.2 — 4.2 (111.5) 84.9 1,117.0 Startec Equity, LLC — — — — — — — 0.5 — — Visual Edge Technology, Inc. 19.7 36.4 — 3.7 0.2 2.8 0.2 (36.5) 6.4 71.9 VPROP Operating, LLC and VSandCo, LLC 2.2 — — 4.5 — — 0.1 — (48.3) 34.4 $ 1,082.8 $ 765.4 $ 239.5 $ 176.9 $ 6.2 $ 294.8 $ 5.9 $ 56.4 $ (74.1) $ 4,013.4 ______________________________________________________________________ * Together with Varagon Capital Partners (“Varagon”) and its clients, the Company has co-invested through the Senior Direct Lending Program LLC (d/b/a the “Senior Direct Lending Program” or the “SDLP”). The SDLP has been capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the SDLP must be approved by an investment committee of the SDLP consisting of representatives of the Company and Varagon (with approval from a representative of each required); therefore, although the Company owns more than 25% of the voting securities of the SDLP, the Company does not believe that it has control over the SDLP (for purposes of the Investment Company Act or otherwise) because, among other things, these “voting securities” do not afford the Company the right to elect directors of the SDLP or any other special rights (see Note 4). See accompanying notes to consolidated financial statements. F-74
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(6) This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. Pursuant to Section 55(a) of the Investment Company Act, 22% of the Company’s total assets are represented by investments at fair value and other assets that are considered “non-qualifying assets” as of December 31, 2025. (7) Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR”) or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually (A), semi-annually (S), quarterly (Q), bi-monthly (B), monthly (M) or daily (D). For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. (8) Loan was on non-accrual status as of December 31, 2025. (9) Loan includes interest rate floor feature. (10) In addition to the interest earned based on the stated contractual interest rate of this security, the certificates entitle the holders thereof to receive a portion of the excess cash flow from the SDLP’s loan portfolio, after expenses, which may result in a return to the Company greater than the contractual stated interest rate. (11) As of December 31, 2025, no amounts were funded by the Company under this first lien senior secured revolving loan; however, there were letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information onletters of credit commitments related to certain portfolio companies. (12) As of December 31, 2025, in addition to the amounts funded by the Company under this first lien senior secured revolving loan, there were also letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies. (13) As of December 31, 2025, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 7 for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies. See accompanying notes to consolidated financial statements. F-75
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(in millions)Portfolio Company Total revolvingand delayed drawloan commitments Less: fundedcommitments Total unfundedcommitments Less: commitmentssubstantially atdiscretion of theCompany Less: unavailablecommitments dueto borrowing baseor other covenantrestrictions Total net unfundedrevolving anddelayed drawcommitments 15484880 Canada Inc. and 15484910 Canada Inc. $ 12.3 $ (0.4) $ 11.9 $ — $ — $ 11.9 3 Step Sports LLC 10.4 — 10.4 — — 10.4 Absolute Dental Group LLC and Absolute Dental Equity, LLC 25.3 (23.7) 1.6 — (1.6) — Accommodations Plus Technologies LLC 15.6 — 15.6 — — 15.6 ACP Avenu Midco LLC 15.2 — 15.2 — — 15.2 Actfy Buyer, Inc. 10.4 — 10.4 — — 10.4 Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP 3.6 — 3.6 — — 3.6 ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC 9.5 — 9.5 — (9.5) — Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings ParentLLC 3.1 — 3.1 — — 3.1 Adonis Bidco Inc. 84.6 — 84.6 — — 84.6 Aduro Advisors, LLC 5.3 — 5.3 — — 5.3 Advarra Holdings, Inc. 0.4 — 0.4 — — 0.4 Aerin Medical Inc. 4.4 — 4.4 — — 4.4 AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and MinusForty QBD Corp. 3.8 (1.5) 2.3 — — 2.3 AI Titan Parent, Inc. 15.7 — 15.7 — — 15.7 Airx Climate Solutions, Inc. 9.9 — 9.9 — — 9.9 Alcami Corporation and ACM Note Holdings, LLC 1.9 (0.4) 1.5 — — 1.5 Alcresta Therapeutics, Inc. 16.3 (0.1) 16.2 — — 16.2 Aldinger Company Inc 13.3 (0.2) 13.1 — — 13.1 Aledade, Inc. 56.8 (17.6) 39.2 — — 39.2 Align Precision Group, LLC and Align Precision Topco, L.P. 0.7 — 0.7 — — 0.7 Anaplan, Inc. 1.4 — 1.4 — — 1.4 AP Adhesives Holdings, LLC 16.4 — 16.4 — — 16.4 Apex Service Partners, LLC and Apex Service Partners Holdings, LLC 8.6 (2.6) 6.0 — — 6.0 Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., andAllclear Group LLC 1.1 — 1.1 — — 1.1 Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. 0.1 — 0.1 — — 0.1 Aptean, Inc. and Aptean Acquiror Inc. 4.8 (0.2) 4.6 — — 4.6 AQ Sunshine, Inc. 22.5 (1.9) 20.6 — — 20.6 Archduke Buyer, Inc. 4.8 — 4.8 — — 4.8 Arrow Borrower 2025, Inc. 5.5 — 5.5 — — 5.5 Artemis BidCo 2 LLC 10.6 — 10.6 — — 10.6 Artifact Bidco, Inc. 6.9 — 6.9 — — 6.9 Artivion, Inc. 19.2 (0.9) 18.3 — — 18.3 ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP 6.2 (4.9) 1.3 — — 1.3 AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP 9.0 — 9.0 — — 9.0 ATI Restoration, LLC 20.9 (12.6) 8.3 — — 8.3 Avalign Holdings, Inc. and Avalign Technologies, Inc. 5.3 (2.6) 2.7 — — 2.7 Badia Spices, LLC 16.8 — 16.8 — — 16.8 Bamboo Purchaser, Inc. 1.3 — 1.3 — — 1.3 Bamboo US BidCo LLC 10.7 (0.4) 10.3 — — 10.3 Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. 17.0 — 17.0 — — 17.0 Bayou Intermediate II, LLC 8.3 — 8.3 — — 8.3 BCPE Pequod Buyer, Inc. 8.6 — 8.6 — — 8.6 Beacon Pointe Harmony, LLC 12.8 — 12.8 — — 12.8 Beacon Wellness Brands, Inc. and CDI Holdings I Corp. 0.5 — 0.5 — — 0.5 Belfor Holdings, Inc. 58.5 (6.2) 52.3 — — 52.3 Bellwether Buyer, L.L.C. and Bellwether Topco V Buyer, Inc. 10.9 — 10.9 — — 10.9 Benecon Midco II LLC and Benecon Holdings, LLC 8.7 — 8.7 — — 8.7 Berner Food & Beverage, LLC 1.7 (0.8) 0.9 — — 0.9 BGI Purchaser, Inc. 35.3 (10.5) 24.8 — — 24.8 BGIF IV Fearless Utility Services, Inc. 5.0 (0.2) 4.8 — — 4.8 Birdie Bidco, Inc. 22.0 (0.6) 21.4 — — 21.4 See accompanying notes to consolidated financial statements. F-76
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(in millions)Portfolio Company Total revolvingand delayed drawloan commitments Less: fundedcommitments Total unfundedcommitments Less:commitmentssubstantially atdiscretion of theCompany Less: unavailablecommitments dueto borrowing baseor other covenantrestrictions Total net unfundedrevolving anddelayed drawcommitments Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC 12.0 (0.4) 11.6 — — 11.6 BNZ TopCo B.V. 22.6 — 22.6 — — 22.6 Bobcat Purchaser, LLC and Bobcat Topco, L.P. 2.5 — 2.5 — — 2.5 Bobtail AcquisitionCo, LLC 24.2 (1.0) 23.2 — — 23.2 Borrower R365 Holdings LLC 1.5 — 1.5 — — 1.5 Bottomline Technologies, Inc. 2.6 — 2.6 — — 2.6 BrightStar Group Holdings, Inc. 3.6 (0.5) 3.1 — — 3.1 Bulab Holdings, Inc. and Buckman PPC Co-Invest LP 17.5 (0.1) 17.4 — — 17.4 Businessolver.com, Inc. 7.6 — 7.6 — — 7.6 BVI Medical, Inc. and BVI Group Limited 15.0 — 15.0 — — 15.0 Cambrex Corporation 33.3 — 33.3 — — 33.3 Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. andCapstone Parent Holdings, LP 21.4 (15.1) 6.3 — — 6.3 Captive Resources Midco, LLC 1.6 — 1.6 — — 1.6 Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. 5.0 — 5.0 — — 5.0 Cards-Live Oak Holdings, Inc. 28.2 (2.3) 25.9 — — 25.9 Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-InvestI, L.P. 2.8 — 2.8 — — 2.8 Centralsquare Technologies, LLC and Supermoose Newco, Inc. 15.8 (0.4) 15.4 — — 15.4 Chariot Buyer LLC 12.3 — 12.3 — — 12.3 City Line Distributors LLC and City Line Investments LLC 2.7 — 2.7 — — 2.7 Clarion Home Services Group, LLC and LBC Breeze Holdings LLC 1.4 (1.1) 0.3 — — 0.3 Clearstead Advisors, LLC 0.6 (0.3) 0.3 — — 0.3 Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software GroupHoldings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P. 19.0 — 19.0 — — 19.0 ClubCorp Holdings, Inc. 7.3 — 7.3 — — 7.3 CMG HoldCo, LLC and CMG Buyer Holdings, Inc. 50.3 — 50.3 — — 50.3 Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. 21.1 (4.5) 16.6 — — 16.6 Collision SP Subco, LLC 6.0 (0.2) 5.8 — — 5.8 Computer Services, Inc. 16.6 — 16.6 — — 16.6 Convera International Holdings Limited and Convera International Financial S.AR.L. 5.5 — 5.5 — — 5.5 CoreLogic, Inc. and T-VIII Celestial Co-Invest LP 32.5 (6.4) 26.1 — — 26.1 Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. 8.2 — 8.2 — — 8.2 Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. 38.7 (8.9) 29.8 — — 29.8 Coupa Holdings, LLC and Coupa Software Incorporated 0.9 — 0.9 — — 0.9 Cradle Lux Bidco S.A.R.L. and Hamilton Thorne Inc. 4.0 — 4.0 — — 4.0 Creek Parent, Inc. and Creek Feeder, L.P. 30.1 (0.1) 30.0 — — 30.0 Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC 0.1 — 0.1 — — 0.1 CST Holding Company 1.9 — 1.9 — — 1.9 CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC 46.6 — 46.6 — — 46.6 Databricks, Inc. 38.6 — 38.6 — — 38.6 Datix Bidco Limited and RL Datix Holdings (USA), Inc. 47.1 — 47.1 — — 47.1 Davidson Hotel Company LLC 4.0 — 4.0 — — 4.0 DecoPac, Inc. and KCAKE Holdings Inc. 24.7 (5.6) 19.1 — — 19.1 Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P. 36.2 (1.0) 35.2 — — 35.2 Diamond Mezzanine 24 LLC 1.0 (0.3) 0.7 — — 0.7 Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and DestinyDigital Holdings, L.P. 4.8 — 4.8 — — 4.8 Diligent Corporation and Diligent Preferred Issuer, Inc. 5.4 (0.6) 4.8 — — 4.8 Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns HoldingsInc. 8.2 — 8.2 — — 8.2 Divisions Holding Corporation, Divisions, Inc. and RC V Tecmo Investor LLC 9.6 (0.1) 9.5 — — 9.5 Dorado Bidco, Inc. 7.4 — 7.4 — — 7.4 DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP 13.4 (0.2) 13.2 — — 13.2 Doxim Inc. 2.7 (0.3) 2.4 — — 2.4 See accompanying notes to consolidated financial statements. F-77
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(in millions)Portfolio Company Total revolvingand delayed drawloan commitments Less: fundedcommitments Total unfundedcommitments Less:commitmentssubstantially atdiscretion of theCompany Less: unavailablecommitments dueto borrowing baseor other covenantrestrictions Total net unfundedrevolving anddelayed drawcommitments DP Flores Holdings, LLC 11.4 — 11.4 — — 11.4 DriveCentric Holdings, LLC 13.3 — 13.3 — — 13.3 Drogon Bidco Inc. & Drogon Aggregator LP 12.0 — 12.0 — — 12.0 DRS Holdings III, Inc. and DRS Holdings I, Inc. 10.9 — 10.9 — — 10.9 Duraserv LLC 13.2 (0.2) 13.0 — — 13.0 Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings,LP 9.6 (3.2) 6.4 — — 6.4 Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited 1.2 — 1.2 — — 1.2 Echo Purchaser, Inc. 2.0 — 2.0 — — 2.0 Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. 50.4 — 50.4 — — 50.4 Edition Holdings, Inc. and Enverus, Inc. 35.2 — 35.2 — — 35.2 Edmunds Govtech, Inc. 21.5 (1.7) 19.8 — — 19.8 Einstein Parent, Inc. 4.8 — 4.8 — — 4.8 EIS Legacy Holdco, LLC 22.9 — 22.9 — — 22.9 Elemica Parent, Inc. & EZ Elemica Holdings, Inc. 7.3 (6.8) 0.5 — — 0.5 Elevation Services Parent Holdings, LLC 3.5 (3.3) 0.2 — — 0.2 Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC 9.5 (2.0) 7.5 — — 7.5 ELM DebtCo, LLC 2.5 — 2.5 — — 2.5 EMB Purchaser, Inc. 7.7 — 7.7 — — 7.7 Empower Payments Investor, LLC 3.3 — 3.3 — — 3.3 Endurance PT Technology Buyer Corporation and Endurance PT TechnologyHoldings LLC 5.1 (2.0) 3.1 — — 3.1 eResearchTechnology, Inc. and Astorg VII Co-Invest ERT 34.5 — 34.5 — — 34.5 ESHA Intermediate, LLC 8.2 — 8.2 — — 8.2 Essential Services Holding Corporation and OMERS Mahomes InvestmentHoldings LLC 49.3 (12.4) 36.9 — — 36.9 Eternal Aus Bidco Pty Ltd 0.6 — 0.6 — — 0.6 Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings,Inc. 5.5 (0.7) 4.8 — — 4.8 Excelitas Technologies Corp. 27.1 — 27.1 — — 27.1 Expereo USA, Inc. and Ristretto Bidco B.V. 16.6 — 16.6 — — 16.6 Extrahop Networks, Inc. 4.3 (2.6) 1.7 — — 1.7 Fever Labs, Inc. 25.4 (9.3) 16.1 — (3.0) 13.1 Firebird Acquisition Corp, Inc. 7.9 (0.1) 7.8 — — 7.8 Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP 2.5 (2.5) — — — — FL Hawk Intermediate Holdings, Inc. 2.1 — 2.1 — — 2.1 Flexera Software LLC 1.5 — 1.5 — — 1.5 Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. 17.5 (4.1) 13.4 — — 13.4 Flint OpCo, LLC 8.1 — 8.1 — — 8.1 FlyWheel Acquireco, Inc. 8.2 (0.8) 7.4 — — 7.4 Forescout Technologies, Inc. 4.2 — 4.2 — — 4.2 Forward Keystone Holdings, LP 7.7 — 7.7 — — 7.7 Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc. 20.8 (2.2) 18.6 — — 18.6 Foundation Consumer Brands, LLC 2.4 — 2.4 — — 2.4 Foundation Risk Partners, Corp. 27.8 (7.0) 20.8 — — 20.8 Frontline Road Safety Operations, LLC 6.4 (0.1) 6.3 — — 6.3 FS Squared Holding Corp. and FS Squared, LLC 25.1 (0.5) 24.6 — — 24.6 G702 Buyer, Inc. 1.9 — 1.9 — — 1.9 Galway Borrower LLC 24.0 (2.3) 21.7 — — 21.7 GAPCO AIV Interholdco (CP), L.P. 12.2 — 12.2 — — 12.2 Generator US Buyer, Inc. and Total Power Limited 4.0 — 4.0 — — 4.0 Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. 6.1 — 6.1 — — 6.1 GHP-VGS Purchaser LLC 8.7 — 8.7 — — 8.7 GHX Ultimate Parent Corporation, Commerce Parent, Inc. and CommerceTopco, LLC 22.2 — 22.2 — — 22.2 GI Ranger Intermediate LLC 3.6 (0.5) 3.1 — — 3.1 Global Music Rights, LLC 15.0 — 15.0 — — 15.0 See accompanying notes to consolidated financial statements. F-78
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(in millions)Portfolio Company Total revolvingand delayed drawloan commitments Less: fundedcommitments Total unfundedcommitments Less:commitmentssubstantially atdiscretion of theCompany Less: unavailablecommitments dueto borrowing baseor other covenantrestrictions Total net unfundedrevolving anddelayed drawcommitments GMF Parent, Inc. and GMF Group Holdings, LP 30.1 — 30.1 — — 30.1 GNZ Energy Bidco Limited and Galileo Co-investment Trust I 2.8 — 2.8 — — 2.8 Goldeneye Parent, LLC 2.6 — 2.6 — — 2.6 Grit Buyer, Inc. and Integrum Grit Co-Invest LP 22.0 — 22.0 — — 22.0 Ground Penetrating Radar Systems, LLC and RC VI Buckeye Holdings LLC 9.4 (0.5) 8.9 — — 8.9 GS SEER Group Borrower LLC and GS SEER Group Holdings LLC 4.3 (0.9) 3.4 — — 3.4 GSV Purchaser, Inc. 4.0 — 4.0 — — 4.0 GTCR Everest Borrower, LLC 1.2 — 1.2 — — 1.2 GTCR F Buyer Corp. and GTCR (D) Investors LP 0.9 — 0.9 — — 0.9 Guidepoint Security Holdings, LLC 5.6 — 5.6 — — 5.6 Harvey Tool Company, LLC 66.7 — 66.7 — — 66.7 HBH Buyer, LLC 2.5 — 2.5 — — 2.5 Heavy Construction Systems Specialists, LLC 4.0 — 4.0 — — 4.0 Helios Service Partners, LLC and Astra Service Partners, LLC 14.3 — 14.3 — — 14.3 HGC Holdings, LLC 22.0 — 22.0 — — 22.0 HH-Stella, Inc. and Bedrock Parent Holdings, LP 22.0 (1.0) 21.0 — — 21.0 Higginbotham Insurance Agency, Inc., HIG Operations Holdings, Inc., and HIGIntermediate, Inc. 29.7 — 29.7 — — 29.7 High Street Buyer, Inc. and High Street Holdco LLC 6.1 — 6.1 — — 6.1 Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition,Inc. and Highline PPC Blocker LLC 17.5 — 17.5 — — 17.5 Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP 15.1 (4.3) 10.8 — — 10.8 Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP 130.0 (0.2) 129.8 — — 129.8 Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC 34.7 (4.0) 30.7 — — 30.7 HP RSS Buyer, Inc. 28.5 — 28.5 — — 28.5 HPCC Parent, Inc. and Patriot Container Corp. 5.8 — 5.8 — — 5.8 HS Purchaser, LLC, and Help/Systems Holdings, Inc. 15.0 — 15.0 — — 15.0 HuFriedy Group Acquisition LLC 24.9 (0.3) 24.6 — — 24.6 Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP 13.3 (3.7) 9.6 — — 9.6 Hyland Software, Inc. 2.0 — 2.0 — — 2.0 Hyphen Solutions, LLC 9.6 — 9.6 — — 9.6 Icefall Parent, Inc. 1.1 — 1.1 — — 1.1 ID.me, LLC and ID.me, Inc. 24.6 — 24.6 — — 24.6 IFH Franchisee Holdings, LLC 18.9 (4.3) 14.6 — — 14.6 Implus Footcare, LLC, Implus Holdings, LLC, and Implus Topco, LLC 1.5 — 1.5 — — 1.5 Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited andIHS Parent Holdings, L.P. 20.9 — 20.9 — — 20.9 Innovative Systems L.L.C. 3.1 — 3.1 — — 3.1 Inszone Mid, LLC and INSZ Holdings, LLC 99.3 — 99.3 — — 99.3 Internet Truckstop Group LLC 1.2 — 1.2 — — 1.2 IQN Holding Corp. 2.3 (1.5) 0.8 — — 0.8 IRI Group Holdings, Inc. and Circana, LLC 23.7 (0.1) 23.6 — — 23.6 ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. 30.2 (3.7) 26.5 — — 26.5 JAMS Holdings LP and Jams Buyer LLC 7.0 — 7.0 — — 7.0 Jeppesen Holdings, LLC 0.7 — 0.7 — — 0.7 Jones Fish Hatcheries & Distributors, LLC and Pond Management GroupHoldings, LLC 19.8 — 19.8 — — 19.8 JSG II, Inc. and Checkers USA, Inc. 23.0 — 23.0 — — 23.0 Kairos Bidco Limited 3.0 (0.3) 2.7 — — 2.7 KBHS Acquisition, LLC (d/b/a Alita Care, LLC) 5.0 (4.2) 0.8 — (0.8) — Kene Acquisition, Inc. and Kene Holdings, L.P. 0.1 — 0.1 — — 0.1 King Risk Partners, LLC 5.7 — 5.7 — — 5.7 Kings Buyer, LLC 5.0 (1.8) 3.2 — — 3.2 Knight AcquireCo, LLC and Knight Holdings, LP 20.9 — 20.9 — — 20.9 Koala Investment Holdings, Inc. 6.9 — 6.9 — — 6.9 KPS Global LLC and Cool Group LLC 3.4 — 3.4 — — 3.4 See accompanying notes to consolidated financial statements. F-79
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(in millions)Portfolio Company Total revolvingand delayed drawloan commitments Less: fundedcommitments Total unfundedcommitments Less:commitmentssubstantially atdiscretion of theCompany Less: unavailablecommitments dueto borrowing baseor other covenantrestrictions Total net unfundedrevolving anddelayed drawcommitments Laboratories Bidco LLC and Laboratories Topco LLC 20.4 (20.0) 0.4 — (0.4) — LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP 9.7 (0.2) 9.5 — — 9.5 LeanTaaS Holdings, Inc. 13.7 — 13.7 — — 13.7 Legends Hospitality Holding Company, LLC, ASM Buyer, Inc., Legends ASMHoldco I, LLC, and Stadium Coinvest (B)-III, L.P. 11.6 (5.3) 6.3 — — 6.3 Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. 1.5 — 1.5 — — 1.5 Lew's Intermediate Holdings, LLC 2.3 — 2.3 — — 2.3 LHS Borrower, LLC, LH Equity Investors, L.P., Leaf Home, LLC and GC FundIV Blocker LLC 10.5 (1.3) 9.2 — — 9.2 Lido Advisors, LLC and LAL Group Holdings, LLC 5.7 (1.8) 3.9 — — 3.9 Lightbeam Bidco, Inc. 3.3 (0.2) 3.1 — — 3.1 LivTech Purchaser, Inc. 2.5 — 2.5 — — 2.5 LJP Purchaser, Inc. and LJP Topco, LP 1.0 — 1.0 — — 1.0 Lobos Parent, Inc. 9.0 — 9.0 — — 9.0 Mai Capital Management Intermediate LLC 4.0 (0.4) 3.6 — — 3.6 Majesco and Magic Topco, L.P. 2.0 — 2.0 — — 2.0 Manna Pro Products, LLC and MP Blocker A LLC 7.0 — 7.0 — (7.0) — Mari Events Midco LLC and AE EventsCo Holdings LLC 0.8 — 0.8 — — 0.8 Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo,LP 32.9 (16.6) 16.3 — — 16.3 Medlar Bidco Limited 8.7 — 8.7 — — 8.7 Merit Financial Group, LLC and CWC Fund I Co-Invest (MFA) LP 8.0 (1.8) 6.2 — — 6.2 Merit Software Finance Holdings, LLC 23.7 — 23.7 — — 23.7 Metatiedot Bidco OY and Metatiedot US, LLC 3.5 (1.7) 1.8 — — 1.8 Meyer Laboratory, LLC and Meyer Parent, LLC 6.8 (0.6) 6.2 — — 6.2 Midco Holding, LLC and Nivel Topco, LLC 0.7 — 0.7 — — 0.7 Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. 8.0 (0.7) 7.3 — — 7.3 ML Holdco, Inc. 23.3 — 23.3 — — 23.3 Moderna, Inc. 179.4 — 179.4 — — 179.4 Modernizing Medicine, Inc. and ModMed Software Midco Holdings, Inc. 9.1 — 9.1 — — 9.1 Modigent, LLC and OMERS PMC Investment Holdings LLC 6.5 — 6.5 — — 6.5 Monica Holdco (US), Inc. 6.8 — 6.8 — — 6.8 Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC 1.2 — 1.2 — — 1.2 Motor Vehicle Software Corporation 7.0 — 7.0 — — 7.0 Mountaineer Merger Corporation 13.4 (5.3) 8.1 — — 8.1 Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLCand Restaurant Produce and Services Blocker, LLC 7.2 (2.3) 4.9 — — 4.9 MRI Software LLC 8.6 (0.9) 7.7 — — 7.7 MSIS Holdings, Inc. and MS Precision Parent, LP 13.2 (0.2) 13.0 — — 13.0 Mustang Prospects Purchaser, LLC, Senske Acquisition, Inc., and MustangProspects Holdco, LLC 2.5 (0.5) 2.0 — — 2.0 NAS, LLC and Nationwide Marketing Group, LLC 3.0 (1.9) 1.1 — — 1.1 NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP 12.6 (4.4) 8.2 — — 8.2 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A.,KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. 21.2 (0.6) 20.6 — — 20.6 Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. 12.6 (0.3) 12.3 — — 12.3 Netsmart, Inc. and Netsmart Technologies, Inc. 33.8 — 33.8 — — 33.8 Churchill OpCo Holdings LLC and Victory Topco, LP 40.0 (0.5) 39.5 — — 39.5 Next Holdco, LLC 0.7 — 0.7 — — 0.7 NMC Skincare Intermediate Holdings II, LLC 9.3 (2.1) 7.2 — — 7.2 NMN Holdings III Corp. and NMN Holdings LP 65.4 (2.7) 62.7 — — 62.7 North American Science Associates, LLC, Cardinal Purchaser LLC and CardinalTopco Holdings, L.P. 2.5 (2.5) — — — — North Haven Fairway Buyer, LLC and Fairway Lawns, LLC 7.0 (3.9) 3.1 — — 3.1 North Star Acquisitionco, LLC and Toucan Bidco Limited 3.3 — 3.3 — — 3.3 Northwinds Holding, Inc. and Northwinds Services Group LLC 17.8 — 17.8 — — 17.8 Oak Funding LLC 8.3 — 8.3 — — 8.3 See accompanying notes to consolidated financial statements. F-80
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(in millions)Portfolio Company Total revolvingand delayed drawloan commitments Less: fundedcommitments Total unfundedcommitments Less:commitmentssubstantially atdiscretion of theCompany Less: unavailablecommitments dueto borrowing baseor other covenantrestrictions Total net unfundedrevolving anddelayed drawcommitments OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP 7.1 (0.4) 6.7 — — 6.7 Odevo AB 20.0 — 20.0 — — 20.0 Omnigo Software, LLC, Omnigo Software - I, Inc., and Omnigo Software - Q,Inc. 2.2 — 2.2 — — 2.2 Optimizely North America Inc. and Optimizely Sweden Holdings AB 0.8 — 0.8 — — 0.8 Paris US Holdco, Inc. & 1001028292 Ontario Inc. 24.0 (0.3) 23.7 — — 23.7 Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. 4.2 (0.4) 3.8 — — 3.8 Pathway Vet Alliance LLC and Jedi Group Holdings LLC 1.8 (0.8) 1.0 — — 1.0 Patriot Growth Insurance Services, LLC 2.2 — 2.2 — — 2.2 Pave America Holding, LLC 12.3 (2.0) 10.3 — — 10.3 PCIA SPV-3, LLC and ASE Royal Aggregator, LLC 0.5 — 0.5 — — 0.5 PCMI Parent, LLC and PCMI Ultimate Holdings, LP 6.3 — 6.3 — — 6.3 PCS MidCo, Inc. and PCS Parent, L.P. 5.7 — 5.7 — — 5.7 PDDS HoldCo, Inc. 2.1 — 2.1 — — 2.1 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC 2.5 (1.8) 0.7 — — 0.7 Pelican Products, Inc. 2.3 (2.2) 0.1 — — 0.1 People Corporation 16.6 (4.2) 12.4 — — 12.4 Perforce Software, Inc. 7.5 — 7.5 — — 7.5 Perigon Wealth Management, LLC, Perigon Wealth Advisors HoldingsCompany, LLC and CWC Fund I Co-Invest (Prism) LP 3.4 — 3.4 — — 3.4 PestCo Holdings, LLC and PestCo, LLC 4.6 — 4.6 — — 4.6 Petrus Buyer, Inc. 1.1 — 1.1 — — 1.1 PetVet Care Centers, LLC 26.9 (2.7) 24.2 — — 24.2 Petvisor Holdings, LLC 7.9 (1.3) 6.6 — — 6.6 pH Beauty Holdings III, Inc. 1.6 — 1.6 — — 1.6 Pike Corporation 86.7 — 86.7 — — 86.7 Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. 6.0 (0.7) 5.3 — — 5.3 Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC 18.8 (2.3) 16.5 — — 16.5 Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC 15.2 — 15.2 — — 15.2 Poseidon IntermediateCo, Inc. 9.5 — 9.5 — — 9.5 PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTekHoldings, LLC 1.0 (0.5) 0.5 — — 0.5 Precision Concepts Parent Inc., Precision Concepts International LLC, andPrecision Concepts Canada Corporation 5.6 (0.5) 5.1 — — 5.1 Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. 3.5 (2.9) 0.6 — — 0.6 Premiere Buyer, LLC 6.4 — 6.4 — — 6.4 Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP 17.1 (0.1) 17.0 — — 17.0 Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and PriorityWaste Super Holdings, LLC 0.6 — 0.6 — — 0.6 Project Alliance Buyer, LLC 2.2 — 2.2 — — 2.2 Project Cardinal Acquisition, LLC 8.3 — 8.3 — — 8.3 Project Potter Buyer, LLC and Project Potter Parent, L.P. 13.6 (0.1) 13.5 — — 13.5 Proofpoint, Inc. 6.4 — 6.4 — — 6.4 PS Operating Company LLC and PS Op Holdings LLC 7.2 (5.5) 1.7 — (1.7) — PSC Parent, Inc. 9.5 (2.5) 7.0 — — 7.0 PumpTech, LLC and Impel CV-B, LP 8.7 (0.7) 8.0 — — 8.0 Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC 1.6 — 1.6 — — 1.6 QBS Parent, Inc. 1.6 (0.1) 1.5 — — 1.5 QF Holdings, Inc. 15.7 — 15.7 — — 15.7 Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-InvestFeeder II L.P. 9.3 — 9.3 — — 9.3 Quirch Foods Holdings, LLC 13.3 — 13.3 — — 13.3 Radius Aerospace, Inc. and Radius Aerospace Europe Limited 5.8 (3.4) 2.4 — — 2.4 Radwell Parent, LLC 4.4 (0.7) 3.7 — — 3.7 RailPros Parent, LLC 5.3 — 5.3 — — 5.3 See accompanying notes to consolidated financial statements. F-81
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(in millions)Portfolio Company Total revolvingand delayed drawloan commitments Less: fundedcommitments Total unfundedcommitments Less:commitmentssubstantially atdiscretion of theCompany Less: unavailablecommitments dueto borrowing baseor other covenantrestrictions Total net unfundedrevolving anddelayed drawcommitments Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC 8.9 (3.8) 5.1 — — 5.1 Raven Acquisition Holdings, LLC 5.3 — 5.3 — — 5.3 Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. 11.8 (5.5) 6.3 — — 6.3 RB Holdings InterCo, LLC 2.1 (0.8) 1.3 — — 1.3 Reagent Chemical & Research, LLC 2.7 (0.1) 2.6 — — 2.6 Reddy Ice LLC 237.7 (16.7) 221.0 — — 221.0 Redwood Services LP 11.4 (0.2) 11.2 — — 11.2 Reef Lifestyle, LLC 34.2 (31.7) 2.5 — — 2.5 Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. 8.9 (2.7) 6.2 — — 6.2 Relativity ODA LLC 8.8 — 8.8 — — 8.8 Repairify, Inc. and Repairify Holdings, LLC 7.3 (5.1) 2.2 — — 2.2 Retained Vantage Data Centers Intermediate Holdco, LP and Retained VantageData Centers Assets, LP 155.1 — 155.1 — — 155.1 Revalize, Inc. 0.9 (0.6) 0.3 — — 0.3 Revival Animal Health, LLC 3.3 (1.8) 1.5 — — 1.5 Rialto Management Group, LLC 1.5 (0.1) 1.4 — — 1.4 RMS HoldCo II, LLC & RMS Group Holdings, Inc. 2.9 — 2.9 — — 2.9 Rodeo AcquisitionCo LLC 3.9 — 3.9 — — 3.9 Royal Borrower, LLC and Royal Parent, LP 14.3 (0.2) 14.1 — — 14.1 Runway Bidco, LLC 15.6 — 15.6 — — 15.6 RWA Wealth Partners, LLC 6.5 — 6.5 — — 6.5 Saber Parent Holdings Corp. and MSHC, Inc. 10.1 — 10.1 — — 10.1 SageSure Holdings, LLC and SageSure LLC 9.7 — 9.7 — — 9.7 Sapphire Software Buyer, Inc. 5.9 — 5.9 — — 5.9 Saturn Purchaser Corp. 0.5 — 0.5 — — 0.5 SCIH Salt Holdings Inc. 22.5 (3.9) 18.6 — — 18.6 Severin Acquisition, LLC 63.9 — 63.9 — — 63.9 SG Acquisition, Inc. 2.0 — 2.0 — — 2.0 SGM Acquisition Sub, LLC and Schill Holdings, LP 24.6 — 24.6 — — 24.6 Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC 0.6 — 0.6 — — 0.6 Shout! Factory, LLC 2.3 (0.3) 2.0 — — 2.0 SIG Parent Holdings, LLC 2.4 — 2.4 — — 2.4 Signant Finance One Limited and Bracket Intermediate Holding Corp. 18.7 — 18.7 — — 18.7 Silk Holdings III LLC and Silk Holdings I Corp. 10.0 (2.0) 8.0 — — 8.0 Slaine Holdings LLC 23.2 — 23.2 — — 23.2 Smarsh Inc. and Skywalker TopCo, LLC 4.7 (0.8) 3.9 — — 3.9 Spaceship Purchaser, Inc. 6.5 (0.1) 6.4 — — 6.4 Spark Purchaser, Inc. 2.3 — 2.3 — — 2.3 Spindrift Beverage Co., Inc. and SBC Aggregator LP 3.8 — 3.8 — — 3.8 Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp 1.7 (0.1) 1.6 — — 1.6 Sport Maska Inc. 12.9 (2.8) 10.1 — — 10.1 Spruce Bidco II Inc. 50.7 — 50.7 — — 50.7 St Athena Global LLC and St Athena Global Holdings Limited 4.0 (0.4) 3.6 — — 3.6 Sterilex LLC 1.3 — 1.3 — — 1.3 Steward Partners Global Advisory, LLC and Steward Partners InvestmentAdvisory, LLC 9.9 — 9.9 — — 9.9 Sugar PPC Buyer LLC 2.7 — 2.7 — — 2.7 Sun Acquirer Corp. and Sun TopCo, LP 52.0 (1.1) 50.9 — — 50.9 Sundance Group Holdings, Inc. 4.4 (0.8) 3.6 — — 3.6 Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing HoldingCompany and Sigma Electric Manufacturing Corporation 10.4 (7.2) 3.2 — — 3.2 Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. 34.8 — 34.8 — — 34.8 Superman Holdings, LLC 5.1 — 5.1 — — 5.1 Supplying Demand, Inc. 0.1 — 0.1 — — 0.1 Surescripts, LLC 26.9 — 26.9 — — 26.9 SV Newco 2, Inc. and Site 2020 Incorporated 9.4 (0.5) 8.9 — — 8.9 See accompanying notes to consolidated financial statements. F-82
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(in millions)Portfolio Company Total revolvingand delayed drawloan commitments Less: fundedcommitments Total unfundedcommitments Less:commitmentssubstantially atdiscretion of theCompany Less: unavailablecommitments dueto borrowing baseor other covenantrestrictions Total net unfundedrevolving anddelayed drawcommitments Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. 10.0 (7.3) 2.7 — — 2.7 Systems Planning and Analysis, Inc. 4.0 (1.7) 2.3 — — 2.3 Talon Buyer Inc. and Talon Holdings SCSP 14.7 — 14.7 — — 14.7 Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. 25.8 — 25.8 — — 25.8 Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCPFit Parent, L.P. 17.0 (0.3) 16.7 — — 16.7 TCI Buyer LLC and TCI Holdings, LP 24.2 — 24.2 — — 24.2 TCP Hawker Intermediate LLC 16.6 (3.4) 13.2 — — 13.2 Team Acquisition Corporation 6.1 (3.8) 2.3 — — 2.3 Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP 5.7 (0.3) 5.4 — — 5.4 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP 14.0 (12.6) 1.4 — — 1.4 The Hiller Companies, LLC 6.4 (0.1) 6.3 — — 6.3 The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings,LLC 1.4 (0.1) 1.3 — — 1.3 The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The UltimusGroup Aggregator, LP 10.2 — 10.2 — — 10.2 Thermostat Purchaser III, Inc. 7.7 (0.6) 7.1 — — 7.1 THG Acquisition, LLC 40.6 (9.8) 30.8 — — 30.8 Three Rivers Buyer, Inc. 1.9 — 1.9 — — 1.9 Tiger Holdco LLC 10.6 — 10.6 — — 10.6 Titan BW Borrower L.P. 13.6 — 13.6 — — 13.6 Trading Technologies International, Inc. 2.3 — 2.3 — — 2.3 Transit Technologies LLC 6.7 — 6.7 — — 6.7 Triwizard Holdings, Inc. and Triwizard Parent, LP 21.0 (4.6) 16.4 — — 16.4 Truck-Lite Co., LLC, ECCO Holdings Corp., and Clarity Technologies Holdings,LP 72.3 (0.2) 72.1 — — 72.1 Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC 5.4 — 5.4 — — 5.4 TSWT Acquisition, Inc. and TSWT Holdings, LLC 7.6 (0.1) 7.5 — — 7.5 Two Six Labs, LLC 10.2 — 10.2 — — 10.2 U.S. Urology Partners, LLC, General Atlantic (USU) Blocker Collection Holdco,L.P., and General Atlantic (USU-2) Coinvest, L.P. 1.3 — 1.3 — — 1.3 UFS, LLC and BV-UFS Aggregator, LLC 2.7 (0.7) 2.0 — — 2.0 United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP 3.8 — 3.8 — — 3.8 Unity Purchaser, LLC and Unity Ultimate Holdings, LP 8.8 — 8.8 — — 8.8 UP Intermediate II LLC and UPBW Blocker LLC 5.9 (0.2) 5.7 — — 5.7 US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P. 9.9 — 9.9 — — 9.9 Vamos Bidco, Inc. 9.9 — 9.9 — — 9.9 Verista, Inc. 4.0 — 4.0 — — 4.0 Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC 13.6 (0.4) 13.2 — (12.0) 1.2 Victors Purchaser, LLC and WP Victors Co-Investment, L.P. 20.0 (1.4) 18.6 — — 18.6 Viper Bidco, Inc. 10.3 — 10.3 — — 10.3 Visual Edge Technology, Inc., VEIT, LLC, and VEIT Topco, LLC 2.6 (1.0) 1.6 — — 1.6 VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. 11.0 — 11.0 — — 11.0 VRC Companies, LLC 5.4 — 5.4 — — 5.4 VRS Buyer, Inc. 6.8 — 6.8 — — 6.8 W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC 4.2 — 4.2 — — 4.2 Watermill Express, LLC and Watermill Express Holdings, LLC 3.9 (0.1) 3.8 — — 3.8 Waverly Advisors, LLC and WAAM Topco, LLC 7.9 (0.8) 7.1 — — 7.1 Wealth Enhancement Group, LLC 34.7 — 34.7 — — 34.7 WebPT, Inc. and WPT Intermediate Holdco, Inc. 0.9 (0.7) 0.2 — — 0.2 Wellington Bidco Inc. and Wellington TopCo LP 30.2 (0.6) 29.6 — — 29.6 Wellington-Altus Financial Inc. 1.2 (0.3) 0.9 — — 0.9 Wellness AcquisitionCo, Inc. 4.2 (0.1) 4.1 — — 4.1 Wharf Street Ratings Acquisition LLC 9.2 — 9.2 — — 9.2 WorkWave Intermediate II, LLC 10.7 (0.7) 10.0 — — 10.0 See accompanying notes to consolidated financial statements. F-83
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(in millions)Portfolio Company Total revolvingand delayed drawloan commitments Less: fundedcommitments Total unfundedcommitments Less: commitmentssubstantially atdiscretion of theCompany Less: unavailablecommitments dueto borrowing baseor other covenantrestrictions Total netunfundedrevolving anddelayed drawcommitments World Insurance Associates, LLC and World Associates Holdings, LLC 1.9 — 1.9 — — 1.9 Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. 1.8 (0.4) 1.4 — — 1.4 WRE Sports Investments LLC 5.1 — 5.1 — (5.1) — WSHP FC Acquisition LLC and WSHP FC Holdings LLC 16.3 (1.0) 15.3 — — 15.3 WU Holdco, Inc. 8.6 (0.6) 8.0 — — 8.0 YE Brands Holdings, LLC 3.0 (0.6) 2.4 — — 2.4 ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP 2.2 — 2.2 — — 2.2 Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. 5.1 — 5.1 — — 5.1 Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc. 5.7 (0.1) 5.6 — — 5.6 ZocDoc, Inc. 12.3 — 12.3 — — 12.3 $ 5,722.7 $ (491.5) $ 5,231.2 $ — $ (41.1) $ 5,190.1 (14) As of December 31, 2025, the Company was party to agreements to fund equity investments as follows: (in millions)Company Total equitycommitments Less: fundedequitycommitments Total unfundedequitycommitments Less: equitycommitmentssubstantially at thediscretion of theCompany Total net unfundedequitycommitments AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP $ 1.2 $ — $ 1.2 $ — $ 1.2 Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. 14.8 — 14.8 — 14.8 Calera XXVIII, LLC 1.0 — 1.0 — 1.0 Constellation Wealth Capital Fund, L.P. 6.0 (4.5) 1.5 — 1.5 DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP 0.1 — 0.1 — 0.1 European Capital UK SME Debt LP 5.7 — 5.7 (5.7) — Grit Buyer, Inc. and Integrum Grit Co-Invest LP 2.3 — 2.3 — 2.3 GSM Rights Fund II LP 10.1 — 10.1 — 10.1 GTCR F Buyer Corp. and GTCR (D) Investors LP 1.3 — 1.3 — 1.3 HFCP XI (Parallel - A), L.P. 7.5 — 7.5 — 7.5 High Street Buyer, Inc. and High Street Holdco LLC 38.6 — 38.6 — 38.6 Linden Structured Capital Fund II-A LP 2.3 (1.7) 0.6 — 0.6 LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. 11.6 (9.7) 1.9 — 1.9 Marco Polo Fund SCSp-RAIF 31.9 — 31.9 — 31.9 NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP 1.3 (0.9) 0.4 — 0.4 Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. 0.1 — 0.1 — 0.1 PCG-Ares Sidecar Investment, L.P. 50.0 (12.4) 37.6 (37.6) — Propagate Content LLC 8.1 — 8.1 — 8.1 PumpTech, LLC and Impel CV-B, LP 0.3 — 0.3 — 0.3 Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. 12.2 (11.1) 1.1 — 1.1 Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape ParallelPartners, L.P. — — — — — Spindrift Beverage Co., Inc. and SBC Aggregator LP 1.2 — 1.2 — 1.2 Wellington-Altus Financial Inc. 1.0 — 1.0 — 1.0 Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. 0.2 — 0.2 — 0.2 Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. 0.3 — 0.3 — 0.3 $ 209.1 $ (40.3) $ 168.8 $ (43.3) $ 125.5 (15) As of December 31, 2025, the Company had commitments to co-invest in the SDLP for its portion of the SDLP’s commitment to fund delayed draw loans of up to $60. See Note 4 for more information on the SDLP. (16) Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 8 for more information regarding the fair value of the Company’s investments. See accompanying notes to consolidated financial statements. F-84
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(17) As of December 31, 2025, the estimated net unrealized gain for federal tax purposes was approximately $300 million based on a tax cost basis of $29.2 billion. As of December 31, 2025, the estimated aggregate gross unrealized gain for federal income tax purposes was approximately $1.3 billion and the estimated aggregate gross unrealized loss for federal income tax purposes was approximately $1.0 billion. See accompanying notes to consolidated financial statements. F-85
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Software andServices Actfy Buyer, Inc.(15) Software providerof end to end fraudmanagementworkflow solutions First lien seniorsecured loan 9.36% SOFR (M) 5.00% 05/2024 05/2031 $ 57.0 $ 57.0 $ 57.0 (2)(11) Activate Holdings(US) Corp. andCrossPoint CapitalAS SPV, LP (15) Provider of softwareservices that supportthe managementand security ofcomputing devices,applications, data,and networks First lien seniorsecured loan 9.58% SOFR (Q) 5.25% 07/2023 07/2030 42.5 42.5 42.5 (2)(6)(11) First lien seniorsecured loan 9.58% SOFR (Q) 5.25% 09/2024 07/2030 6.9 6.9 6.9 (2)(6)(11) Limitedpartnershipinterest 10/2023 9,249,000 10.2 13.3 (2)(6) 59.6 62.7 AI Titan Parent, Inc.(15) Provider of plantmaintenance /scheduling software First lien seniorsecured loan 9.11% SOFR (M) 4.75% 08/2024 08/2031 61.5 61.5 60.9 (2)(11) Anaplan, Inc. (15) Provider of cloud-based connectedplanning platformsfor businessanalytics First lien seniorsecured loan 9.58% SOFR (Q) 5.25% 06/2022 06/2029 1.8 1.8 1.8 (2)(11) First lien seniorsecured loan 9.58% SOFR (Q) 5.25% 05/2024 06/2029 4.1 4.1 4.1 (2)(11) 5.9 5.9 Anaqua ParentHoldings, Inc. &Astorg VII Co-Invest Anaqua (15) Provider ofintellectual propertymanagementlifecycle software First lien seniorsecured loan 7.43% Euribor (S) 4.75% 04/2019 08/2031 7.5 8.2 7.5 (2) First lien seniorsecured loan 9.27% SOFR (S) 4.75% 06/2021 08/2031 3.7 3.7 3.7 (2)(11) First lien seniorsecured loan 9.41% SOFR (Q) 4.75% 01/2024 08/2031 5.4 5.4 5.4 (2)(11) Limitedpartnership units 06/2019 4,400,000 4.2 12.9 (2)(6) 21.5 29.5 APG IntermediateHoldingsCorporation andAPG Holdings, LLC(4)(15) Aircraftperformancesoftware provider First lien seniorsecured loan 9.75% SOFR (M) 5.25% 01/2020 01/2025 13.1 13.1 13.1 (2)(11) Class Amembership units 01/2020 9,750,000 9.8 5.6 (2) 22.9 18.7 Appriss Health,LLC and ApprissHealth IntermediateHoldings, Inc. (15) Software platformfor identification,prevention andmanagement ofsubstance usedisorder First lien seniorsecured loan 12.08% SOFR (S) 7.00% 05/2021 05/2027 5.5 5.5 5.5 (2)(11) Series A preferredshares 11.00%PIK 05/2021 32,236 48.2 48.2 (2) 53.7 53.7 Aptean, Inc. andAptean AcquirorInc. (15) Provider of CRM,ERP and supplychain softwareapplications First lien seniorsecured loan 9.58% SOFR (Q) 5.00% 01/2024 01/2031 18.4 18.2 18.4 (2)(11) Artifact Bidco, Inc.(15) Supply chain riskmanagement SaaSplatform for globalenterprise clients First lien seniorsecured loan 8.83% SOFR (Q) 4.50% 05/2024 07/2031 18.9 18.9 18.9 (2)(11) Auctane, Inc. Provider of mailingand shippingsolutions First lien seniorsecured loan 10.94% SOFR (S) 5.75% 10/2021 10/2028 143.8 143.8 136.6 (2)(11) Avalara, Inc. (15) Provider of cloud-based solutions fortransaction taxcomplianceworldwide First lien seniorsecured loan 10.58% SOFR (Q) 6.25% 10/2022 10/2028 72.2 72.2 72.2 (2)(11) F-86
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Banyan SoftwareHoldings, LLC andBanyan Software, LP(15) Vertical softwarebusinesses holdingcompany First lien seniorsecured revolvingloan 9.86% SOFR (M) 5.50% 01/2023 10/2026 1.0 1.0 1.0 (2)(6)(11) First lien seniorsecured loan 11.46% SOFR (M) 7.00% 10/2020 10/2026 1.0 1.0 1.0 (2)(6)(11) First lien seniorsecured loan 11.46% SOFR (M) 7.00% 12/2021 10/2026 0.2 0.2 0.2 (2)(6)(11) First lien seniorsecured loan 11.71% SOFR (M) 7.25% 01/2023 10/2026 10.4 10.4 10.4 (2)(6)(11) First lien seniorsecured loan 10.61% SOFR (M) 6.25% 01/2024 10/2026 43.0 43.0 43.0 (2)(6)(11) Preferred units 01/2022 120,999 4.1 12.1 (2)(6) 59.7 67.7 BCPE Pequod Buyer,Inc. (15) Provider of wealthmanagementtechnologysolutions tofinancialinstitutions First lien seniorsecured loan 7.81% SOFR (Q) 3.50% 09/2024 11/2031 1.0 1.0 1.0 (2)(18) BCTO IgnitionPurchaser, Inc. Enterprise softwareprovider First lien seniorsecured loan 13.63%PIK SOFR (Q) 9.00% 04/2023 10/2030 4.0 4.0 4.0 (2)(6)(11) Bobcat Purchaser,LLC and BobcatTopco, L.P. (15) Healthcare softwareprovider First lien seniorsecured loan 9.07% SOFR (Q) 4.75% 06/2023 06/2030 15.7 15.7 15.7 (2)(11) Class A-1 units 06/2023 1,729,228 1.7 1.8 17.4 17.5 Borrower R365Holdings LLC (15) Provider ofrestaurantenterprise resourceplanning systems First lien seniorsecured loan 10.48% SOFR (Q) 6.00% 06/2021 06/2027 15.9 15.8 15.9 (2)(11) First lien seniorsecured loan 10.48% SOFR (Q) 6.00% 01/2022 06/2027 1.9 1.9 1.9 (2)(11) 17.7 17.8 BottomlineTechnologies, Inc.and Legal SpendHoldings, LLC (15) Provider ofpaymentautomationsolutions First lien seniorsecured loan 9.61% SOFR (M) 5.25% 05/2022 05/2029 8.0 8.0 8.0 (2)(11) First lien seniorsecured loan 10.11% SOFR (M) 5.75% 10/2023 05/2029 4.2 4.2 4.2 (2)(11) 12.2 12.2 Businessolver.com,Inc. (15) Provider of SaaS-based benefitssolutions foremployers andemployees First lien seniorsecured loan 9.93% SOFR (Q) 5.50% 12/2021 12/2027 0.6 0.6 0.6 (2)(11) Cardinal Parent, Inc.and Packers SoftwareIntermediateHoldings, Inc. (15) Provider ofsoftware andtechnology-enabledcontent andanalytical solutionsto insurancebrokers First lien seniorsecured loan 8.98% SOFR (Q) 4.50% 04/2024 11/2027 11.0 10.6 10.5 (2)(11)(18) Second liensenior securedloan 12.24% SOFR (Q) 7.75% 11/2020 11/2028 64.3 64.3 61.7 (2)(11) Series A-2preferred shares 11.00%PIK 12/2020 8,963 14.0 12.3 (2) Series A-3preferred shares 11.00%PIK 11/2021 11,952 16.8 14.8 (2) Series A preferredshares 11.00%PIK 11/2020 24,898 39.3 34.5 (2) 145.0 133.8 CentralsquareTechnologies, LLCand SupermooseNewco, Inc. (15) Provider ofmission-criticalsoftware solutionsfor the public sector First lien seniorsecured revolvingloan 04/2024 04/2030 — — — (2)(11)(13) First lien seniorsecured loan 10.63%(3.50%PIK) SOFR (M) 6.25% 04/2024 04/2030 141.9 141.9 141.9 (2)(11) Series A preferredstock 15.00%PIK 04/2024 83,332 92.6 92.6 (2) 234.5 234.5 F-87
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Cloud SoftwareGroup, Inc., PicardParent, Inc., CloudSoftware GroupHoldings, Inc.,Picard HoldCo, LLCand Elliott Alto Co-Investor AggregatorL.P. (15) Provider of server,application anddesktopvirtualization,networking,software as aservice, and cloudcomputingtechnologies First lien seniorsecured notes 6.50% 09/2022 03/2029 86.5 84.8 84.9 (2)(18) First lien seniorsecured loan 8.08% SOFR (M) 3.75% 10/2024 03/2031 3.5 3.5 3.5 (2)(11)(18) Second liensenior securednotes 9.00% 04/2023 09/2029 121.0 113.5 122.8 (2)(18) Limitedpartnershipinterests 09/2022 12,250,000 12.3 35.3 (2) 214.1 246.5 Community BrandsParentCo, LLC Software andpayment servicesprovider to non-profit institutions Class A units 12/2016 500,000 5.0 3.0 (2) Computer Services,Inc. (15) Infrastructuresoftware provider tocommunity banks First lien seniorsecured loan 9.75% SOFR (Q) 5.25% 11/2022 11/2029 33.5 33.5 33.5 (2)(11) First lien seniorsecured loan 9.75% SOFR (Q) 5.25% 02/2024 11/2029 5.4 5.4 5.4 (2)(11) First lien seniorsecured loan 9.25% SOFR (Q) 4.75% 09/2024 11/2029 0.1 0.1 0.1 (2)(11) 39.0 39.0 Conservice Midco,LLC Provider ofoutsourced utilitymanagementsoftware and billingsolutions Second liensenior securedloan 9.61% SOFR (M) 5.25% 05/2022 05/2028 15.5 15.5 15.5 (2) Consilio MidcoLimited, CompusoftUS LLC, andConsilio InvestmentHoldings, L.P. (15) Provider of salessoftware for theinterior designindustry First lien seniorsecured revolvingloan 10.23% SOFR (Q) 5.75% 05/2021 05/2028 5.9 5.9 5.9 (2)(6)(11) First lien seniorsecured revolvingloan 8.97% Euribor (Q) 6.25% 11/2021 05/2028 1.2 1.2 1.2 (2)(6)(11) First lien seniorsecured revolvingloan 9.83% SOFR (Q) 5.50% 04/2024 05/2028 2.4 2.4 2.4 (2)(6)(11) First lien seniorsecured loan 10.23% SOFR (Q) 5.75% 05/2021 05/2028 73.3 73.3 73.3 (2)(6)(11) First lien seniorsecured loan 8.97% Euribor (Q) 6.25% 11/2021 05/2028 0.4 0.4 0.4 (2)(6)(11) First lien seniorsecured loan 8.97% Euribor (Q) 6.25% 11/2021 05/2028 28.0 30.1 28.0 (2)(6) First lien seniorsecured loan 10.23% SOFR (Q) 5.75% 06/2022 05/2028 11.5 11.5 11.5 (2)(6)(11) First lien seniorsecured loan 9.83% SOFR (Q) 5.50% 04/2024 05/2028 3.8 3.8 3.8 (2)(6)(11) Common units 05/2021 483,584 4.8 9.3 (2)(6) Series A commonunits 09/2022 23,340 0.2 0.4 (2)(6) 133.6 136.2 CoreLogic, Inc. andT-VIII Celestial Co-Invest LP (15) Provider ofinformation, insight,analytics, softwareand otheroutsourced servicesprimarily to themortgage, realestate and insurancesectors Second liensenior securedloan 10.97% SOFR (M) 6.50% 06/2021 06/2029 155.7 155.7 151.0 (2)(11) Limitedpartnership units 04/2021 59,665,989 59.7 39.5 (2) 215.4 190.5 F-88
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Cority SoftwareInc., CoritySoftware (USA)Inc., and CorityParent, Inc. (15) Provider ofenvironmental,health and safetysoftware to trackcompliance data First lien seniorsecured loan 9.59% SOFR (Q) 5.00% 07/2019 07/2026 6.2 6.1 6.1 (2)(6)(11) First lien seniorsecured loan 9.59% SOFR (Q) 5.00% 10/2019 07/2026 4.3 4.3 4.3 (2)(6)(11) First lien seniorsecured loan 11.59% SOFR (Q) 7.00% 09/2020 07/2026 0.1 0.1 0.1 (2)(6)(11) First lien seniorsecured loan 10.09% SOFR (Q) 5.50% 09/2022 07/2026 0.2 0.2 0.2 (2)(6)(11) First lien seniorsecured loan 10.34% SOFR (Q) 5.75% 04/2023 07/2026 7.6 7.6 7.6 (2)(6)(11) First lien seniorsecured loan 9.27% SOFR (Q) 4.75% 11/2024 07/2026 10.1 10.1 10.1 (2)(6)(11) Preferred equity 9.00%PIK 07/2019 198 0.3 1.1 (2)(6) Common equity 07/2019 190,143 — — (2)(6) 28.7 29.5 CornerstoneOnDemand, Inc. andSunshine SoftwareHoldings, Inc. (15) Provider of a cloud-based, SaaSplatform for talentmanagement First lien seniorsecured revolvingloan 7.77% SOFR (M) 3.25% 10/2021 10/2026 9.7 9.7 8.5 (2)(14) First lien seniorsecured loan 8.22% SOFR (M) 3.75% 06/2024 10/2028 1.4 1.3 1.2 (2)(11)(18) Second liensenior securedloan 10.97% SOFR (M) 6.50% 10/2021 10/2029 137.5 137.5 121.0 (2)(11) Series A preferredshares 10.50%PIK 10/2021 116,413 161.8 132.6 (2) Class A-1common stock 10/2021 1,360,100 13.6 16.2 (2) 323.9 279.5 Coupa Holdings,LLC and CoupaSoftwareIncorporated (15) Provider of BusinessSpend Managementsoftware First lien seniorsecured loan 10.09% SOFR (Q) 5.50% 03/2023 02/2030 9.0 9.0 9.0 (2)(11) Databricks, Inc. Cloud-based dataand AI platform thathelps companiesscale and managedata First lien seniorsecured loan 8.81% SOFR (S) 4.50% 12/2024 12/2030 0.1 0.1 0.1 (2) Datix Bidco Limitedand RL DatixHoldings (USA),Inc. (15) Global healthcaresoftware companythat providessoftware solutionsfor patient safetyand riskmanagement First lien seniorsecured revolvingloan 10.20% SONIA (M) 5.50% 04/2024 10/2030 1.3 1.3 1.2 (2)(6)(11) First lien seniorsecured revolvingloan 9.86% SOFR (M) 5.50% 04/2024 10/2030 1.1 1.1 1.1 (2)(6)(11) First lien seniorsecured loan 9.93% SOFR (S) 5.50% 04/2024 04/2031 104.6 104.6 104.6 (2)(6)(11) First lien seniorsecured loan 10.20% SONIA (S) 5.50% 04/2024 04/2031 53.1 53.1 53.1 (2)(6)(11) 160.1 160.0 Dcert Buyer, Inc.,DCert PreferredHoldings, Inc. andDestiny DigitalHoldings, L.P. Provider of internetsecurity tools andsolutions Second liensenior securedloan 11.36% SOFR (M) 7.00% 05/2022 02/2029 11.0 10.5 9.5 (2) Series A preferredshares 10.50%PIK 05/2021 129,822 187.7 152.1 (2) Series A units 05/2021 817,194 13.3 12.6 (2) 211.5 174.2 Denali Holdco LLCand Denali ApexcoLP (15) Provider ofcybersecurity auditand assessmentservices First lien seniorsecured loan 9.63% SOFR (M) 5.25% 07/2024 09/2028 33.3 33.3 33.3 (2)(11) Class A units 02/2022 2,549,000 2.5 3.6 (2) 35.8 36.9 F-89
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Diligent Corporationand DiligentPreferred Issuer, Inc.(15) Provider of secureSaaS solutions forboard andleadership teamdocuments First lien seniorsecured loan 10.09% SOFR (S) 5.00% 04/2024 08/2030 23.5 23.4 23.5 (2)(11) Preferred stock 10.50%PIK 04/2021 13,140 18.5 18.5 (2) 41.9 42.0 DriveCentricHoldings, LLC (15) Provider of CRMsoftware to theautomotivedealership industry First lien seniorsecured loan 9.27% SOFR (Q) 4.75% 08/2024 08/2031 12.1 12.1 12.0 (2)(11) Echo Purchaser, Inc.(15) Software providerof mission criticalsecurity, supplychain, andcollaborationsolutions for highlyregulated endmarkets First lien seniorsecured revolvingloan 12.00% Base Rate(Q) 4.50% 11/2023 11/2029 1.4 1.4 1.4 (2)(11) First lien seniorsecured loan 9.86% SOFR (M) 5.50% 11/2023 11/2029 10.5 10.5 10.5 (2)(11) 11.9 11.9 Eclipse Topco, Inc.,Eclipse InvestorParent, L.P. andEclipse Buyer, Inc.(15) Payment processingsolution provider First lien seniorsecured loan 9.26% SOFR (M) 4.75% 09/2024 09/2031 196.1 196.1 194.1 (2)(11) Preferred units 12.50%PIK 09/2024 656 6.8 6.7 (2) Class A commonunits 09/2024 563 0.6 0.6 (2) 203.5 201.4 Edmunds Govtech,Inc. (15) Provider of ERPsoftware solutionsfor localgovernments First lien seniorsecured revolvingloan 8.33% SOFR (Q) 4.00% 02/2024 02/2030 1.7 1.7 1.7 (2)(11) First lien seniorsecured loan 9.33% SOFR (Q) 5.00% 02/2024 02/2031 18.5 18.5 18.5 (2)(11) 20.2 20.2 Elemica Parent, Inc.& EZ ElemicaHoldings, Inc. (15) SaaS based supplychain managementsoftware providerfocused on chemicalmarkets First lien seniorsecured revolvingloan 10.12% SOFR (Q) 5.50% 05/2024 09/2026 7.3 7.3 7.2 (2)(11) First lien seniorsecured loan 10.29% SOFR (Q) 5.50% 09/2019 09/2026 59.9 59.9 59.3 (2)(11) First lien seniorsecured loan 10.30% SOFR (Q) 5.50% 12/2020 09/2026 5.6 5.6 5.6 (2)(11) First lien seniorsecured loan 10.14% SOFR (Q) 5.50% 05/2024 09/2026 4.9 4.9 4.9 (2)(11) Preferred equity 09/2019 4,599 4.6 5.7 (2) 82.3 82.7 Enverus Holdings,Inc. and Titan DIPreferred Holdings,Inc. (15) SaaS based businessanalytics companyfocused on oil andgas industry First lien seniorsecured revolvingloan 9.86% SOFR (M) 5.50% 12/2023 12/2029 0.2 0.2 0.2 (2)(11) First lien seniorsecured revolvingloan 9.86% SOFR (M) 5.50% 06/2024 12/2029 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 9.86% SOFR (M) 5.50% 12/2023 12/2029 133.9 133.9 133.9 (2)(11) Preferred stock 13.50%PIK 02/2020 30 55.6 56.5 (2) 189.8 190.7 EP Purchaser, LLCand TPG VIII EPCo-Invest II, L.P. Provider ofentertainmentworkforce andproductionmanagementsolutions First lien seniorsecured loan 9.09% SOFR (Q) 4.50% 06/2023 11/2028 58.3 58.0 57.7 (2)(11) Second liensenior securedloan 11.09% SOFR (Q) 6.50% 11/2021 11/2029 88.9 88.9 88.0 (2)(11) Partnership units 05/2019 5,034,483 3.1 11.1 (2)(6) F-90
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue 150.0 156.8 eResearchTechnology, Inc. andAstorg VII Co-InvestERT (15) Provider ofmission-critical,software-enabledclinical researchsolutions First lien seniorsecured loan 8.36% SOFR (M) 4.00% 11/2023 02/2027 1.0 1.0 1.0 (2)(11)(18) Second liensenior securedloan 12.46% SOFR (M) 8.00% 02/2020 02/2028 27.2 26.6 27.2 (2) Second liensenior securedloan 12.46% SOFR (M) 8.00% 04/2021 02/2028 30.6 30.1 30.6 (2) Limitedpartnershipinterest 01/2020 3,988,000 4.5 6.9 (2)(6) 62.2 65.7 ESHA Research, LLCand RMCF VI CIVXLVIII, L.P. (15) Provider ofnutritionalinformation andsoftware as aservices (SaaS)compliancesolutions First lien seniorsecured revolvingloan 10.01% SOFR (Q) 5.50% 06/2022 06/2028 0.9 0.9 0.9 (2)(11) First lien seniorsecured loan 10.05% SOFR (Q) 5.50% 06/2022 06/2028 6.7 6.7 6.7 (2)(11) Limited partnerinterests 06/2022 6,246,801 6.2 8.3 13.8 15.9 Extrahop Networks,Inc. (15) Provider of real-time wire dataanalytics solutionsfor application andinfrastructuremonitoring First lien seniorsecured loan 11.96% SOFR (M) 7.50% 07/2021 07/2027 26.0 26.0 26.0 (2)(11) First lien seniorsecured loan 11.96% SOFR (M) 7.50% 03/2023 07/2027 3.9 3.9 3.9 (2)(11) 29.9 29.9 Finastra USA, Inc.,DHCorporation/SocieteDH, and FinastraEurope S.A R.L. (15) Provider of back-office softwareservices for thebanking sector First lien seniorsecured loan 11.65% SOFR (Q) 7.25% 09/2023 09/2029 189.0 186.1 189.0 (2)(6)(11) ForescoutTechnologies, Inc.(15) Network accesscontrol solutionsprovider First lien seniorsecured loan 9.52% SOFR (Q) 5.00% 05/2024 05/2031 13.6 13.6 13.4 (2)(11) GI RangerIntermediate LLC(15) Provider ofpayment processingservices andsoftware tohealthcare providers First lien seniorsecured revolvingloan 10.47% SOFR (Q) 6.00% 10/2021 10/2027 0.4 0.4 0.4 (2)(11) First lien seniorsecured loan 10.48% SOFR (Q) 6.00% 10/2021 10/2028 10.0 10.0 9.8 (2)(11) First lien seniorsecured loan 10.48% SOFR (Q) 6.00% 03/2022 10/2028 3.1 3.1 3.0 (2)(11) 13.5 13.2 GraphPAD Software,LLC, InsightfulScience IntermediateI, LLC and InsightfulScience Holdings,LLC (15) Provider of dataanalysis, statistics,and visualizationsoftware solutionsfor scientificresearchapplications First lien seniorsecured loan 9.08% SOFR (Q) 4.75% 06/2024 06/2031 71.5 71.5 71.5 (2)(11) Seniorsubordinated loan 10.50%PIK 04/2021 04/2032 53.6 53.6 52.5 (2) Preferred units 14.00%PIK 04/2021 1,828,645 74.8 74.8 199.9 198.8 Guidepoint SecurityHoldings, LLC (15) Cybersecuritysolutions provider First lien seniorsecured loan 10.36% SOFR (M) 6.00% 10/2023 10/2029 6.7 6.7 6.7 (2)(11) First lien seniorsecured loan 10.36% SOFR (M) 6.00% 12/2024 10/2029 2.4 2.4 2.4 (2)(11) 9.1 9.1 Heavy ConstructionSystems Specialists,LLC (15) Provider ofconstructionsoftware First lien seniorsecured loan 9.83% SOFR (Q) 5.50% 11/2021 11/2028 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 9.58% SOFR (M) 5.25% 03/2024 11/2028 13.9 13.9 13.9 (2)(11) F-91
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value 14.0 14.0 Help/SystemsHoldings, Inc. (15) Provider of IToperationsmanagement andcybersecuritysoftware First lien seniorsecured revolvingloan 8.62% SOFR (Q) 4.00% 11/2019 08/2026 1.7 1.7 1.5 (2) Huskies Parent, Inc.,GI Insurity ParentLLC and GI InsurityTopCo LP (15) Insurance softwareprovider First lien seniorsecured revolvingloan 9.96% SOFR (M) 5.50% 11/2021 11/2027 8.6 8.6 8.4 (2)(11) First lien seniorsecured loan 9.96% SOFR (M) 5.50% 11/2021 11/2028 59.1 59.1 58.0 (2)(11) Seniorsubordinated loan 10.00%PIK 11/2021 11/2031 121.3 121.3 110.4 (2) Company units 11/2021 4,246,457 8.8 4.6 (2) 197.8 181.4 Hyland Software,Inc. (15) Enterprise contentmanagementsoftware provider First lien seniorsecured revolvingloan 09/2023 09/2029 — — — (2)(13) First lien seniorsecured loan 10.36% SOFR (M) 6.00% 09/2023 09/2030 96.6 95.4 96.6 (2)(11) 95.4 96.6 Icefall Parent, Inc.(15) Provider ofcustomerengagementsoftware andintegrated paymentssolutions First lien seniorsecured loan 10.86% SOFR (M) 6.50% 01/2024 01/2030 16.7 16.7 16.7 (2)(11) Internet TruckstopGroup LLC (15) Provider of freight-moving lifecyclesoftware First lien seniorsecured loan 10.48% SOFR (Q) 6.00% 06/2024 04/2027 39.5 39.1 39.1 (2)(11) IQN Holding Corp.(15) Provider ofextended workforcemanagementsoftware First lien seniorsecured revolvingloan 9.77% SOFR (Q) 5.25% 05/2022 05/2028 0.9 0.9 0.9 (2)(11) First lien seniorsecured loan 9.76% SOFR (Q) 5.25% 05/2022 05/2029 1.4 1.4 1.4 (2)(11) 2.3 2.3 IV RolloverHoldings, LLC Provider of cloudbased IT solutions,infrastructure andservices Class B units 05/2017 170,490 — — (2) Class X units 05/2017 5,000,000 1.9 2.1 (2) 1.9 2.1 Kaseya Inc. andKnockoutIntermediateHoldings I Inc. (15) Provider of cloud-based software andtechnologysolutions for smalland medium sizedbusinesses First lien seniorsecured revolvingloan 9.83% SOFR (Q) 5.50% 06/2022 06/2029 4.9 4.9 4.9 (2)(11)(14) First lien seniorsecured loan 10.09% SOFR (Q) 5.50% 06/2022 06/2029 172.8 172.6 172.8 (2)(11) Preferred stock 15.03%PIK SOFR (S) 10.75% 06/2022 38,798 53.9 53.9 (2)(11) 231.4 231.6 LeanTaaS Holdings,Inc. (15) Provider of SaaStools to optimizehealthcare assetutilization First lien seniorsecured loan 11.83% SOFR (Q) 7.50% 07/2022 07/2028 34.7 34.7 34.7 (2)(11) First lien seniorsecured loan 13.58% SOFR (Q) 9.25% 07/2022 07/2028 29.6 29.6 29.6 (2)(11) 64.3 64.3 Majesco and MagicTopco, L.P. (15) Insurance softwareprovider First lien seniorsecured loan 9.08% SOFR (Q) 4.75% 09/2020 09/2028 18.0 18.0 18.0 (2)(11) Class A units 9.00%PIK 09/2020 2,539 3.7 6.5 (2) Class B units 09/2020 570,625 — — (2) 21.7 24.5 Metatiedot BidcoOY and MetatiedotUS, LLC (15) Enterprise contentmanagementplatform First lien seniorsecured revolvingloan 8.49% Euribor (S) 5.50% 11/2024 11/2030 0.2 0.2 0.2 (2)(6)(11) First lien seniorsecured loan 8.49% Euribor (S) 5.50% 11/2024 11/2031 7.2 7.4 7.1 (2)(6)(11) F-92
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value First lien seniorsecured loan 10.02% SOFR (Q) 5.50% 11/2024 11/2031 5.2 5.2 5.1 (2)(6)(11) 12.8 12.4 MimecastBorrowerco, Inc. andMagnesium Co-Invest SCSp Cybersecuritysolutions provider First lien seniorsecured loan 9.36% SOFR (M) 5.00% 05/2022 05/2029 68.5 68.5 68.5 (2)(6)(11) First lien seniorsecured loan 9.70% SONIA (Q) 5.00% 05/2022 05/2029 35.3 34.9 35.3 (2)(6)(11) First lien seniorsecured loan 9.36% SOFR (M) 5.00% 03/2024 05/2029 5.2 5.2 5.2 (2)(6)(11) Limitedpartnershipinterest 05/2022 3,975 39.8 44.0 (2)(6) 148.4 153.0 Ministry BrandsHoldings, LLC andRCP MBInvestments B, L.P.(15) Software andpayment servicesprovider to faith-based institutions First lien seniorsecured loan 9.96% SOFR (M) 5.50% 12/2021 12/2028 39.0 39.0 38.2 (2)(11) Limited partnerinterests 12/2021 9,574,000 9.6 6.3 (2) 48.6 44.5 MoonrakerAcquisitionCo LLCand MoonrakerHoldCo LLC (15) Leading technologysolution providerfor casing andauditioning to theentertainmentindustry First lien seniorsecured revolvingloan 10.20% SOFR (Q) 5.75% 08/2022 08/2028 0.4 0.4 0.4 (2)(11) First lien seniorsecured loan 10.20% SOFR (Q) 5.75% 08/2022 08/2028 24.6 24.6 24.6 (2)(11) Class A units 8.00%PIK 08/2022 45,320 5.3 3.8 30.3 28.8 MRI Software LLC(15) Provider of realestate andinvestmentmanagementsoftware First lien seniorsecured revolvingloan 9.08% SOFR (Q) 4.75% 02/2020 02/2027 0.2 0.2 0.2 (2)(11) First lien seniorsecured loan 9.08% SOFR (Q) 4.75% 02/2020 02/2027 14.4 14.4 14.4 (2)(11) First lien seniorsecured loan 9.08% SOFR (Q) 4.75% 08/2020 02/2027 23.9 23.9 23.9 (2)(11) 38.5 38.5 Netsmart, Inc. andNetsmartTechnologies, Inc.(15) Developer andoperator of healthcare software andtechnologysolutions First lien seniorsecured loan 9.56%(2.70%PIK) SOFR (M) 5.20% 08/2024 08/2031 141.0 141.0 139.6 (2)(11) North StarAcquisitionco, LLCand Toucan BidcoLimited (15) Literacy solutionsoftware providerfor grades k-12 First lien seniorsecured loan 9.45% NIBOR (Q) 4.75% 04/2024 05/2029 5.5 5.8 5.5 (2)(6) First lien seniorsecured loan 9.45% SONIA (Q) 4.75% 04/2024 05/2029 3.6 3.6 3.6 (2)(6) First lien seniorsecured loan 9.08% SOFR (Q) 4.75% 04/2024 05/2029 29.5 29.5 29.5 (2)(6)(11) First lien seniorsecured loan 9.70% SONIA (Q) 5.00% 04/2024 05/2029 1.7 1.7 1.6 (2)(6) 40.6 40.2 OpenMarket Inc. Provider of cloud-based mobileengagementplatform First lien seniorsecured loan 10.84% SOFR (Q) 6.25% 09/2021 09/2026 16.1 16.0 16.1 (2)(6)(11) Optimizely NorthAmerica Inc. andOptimizely SwedenHoldings AB (15) Provider of webcontentmanagement anddigital commercesolutions First lien seniorsecured loan 9.36% SOFR (M) 5.00% 10/2024 10/2031 5.7 5.6 5.6 (2)(6)(11) First lien seniorsecured loan 8.11% Euribor(M) 5.25% 10/2024 10/2031 2.0 2.1 2.0 (2)(6)(11) First lien seniorsecured loan 10.20% SONIA (M) 5.50% 10/2024 10/2031 0.9 0.9 0.9 (2)(6)(11) 8.6 8.5 F-93
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value PDDS HoldCo, Inc.(15) Provider of cloud-based dentalpracticemanagementsoftware First lien seniorsecured revolvingloan 11.98% SOFR (Q) 7.50% 07/2022 07/2028 0.2 0.2 0.2 (2)(11) First lien seniorsecured loan 11.98% SOFR (Q) 7.50% 07/2022 07/2028 12.5 12.5 12.5 (2)(11) 12.7 12.7 PDI TA Holdings,Inc., PeachtreeParent, Inc. andInsight PDIHoldings, LLC (15) Provider ofenterprisemanagementsoftware for theconvenience retailand petroleumwholesale market First lien seniorsecured loan 10.09% SOFR (Q) 5.50% 01/2024 02/2031 6.6 6.6 6.6 (2)(11) First lien seniorsecured loan 10.00% SOFR (M) 5.50% 02/2024 02/2031 0.1 0.1 0.1 (2)(11) Series A preferredstock 13.25%PIK 03/2019 13,656 29.1 29.4 (2) Class A units 03/2019 2,062,493 2.1 4.6 (2) 37.9 40.7 Perforce Software,Inc. (15) Developer ofsoftware used forapplicationdevelopment First lien seniorsecured revolvingloan 10.75% Base Rate(Q) 3.25% 07/2019 07/2026 1.0 1.0 1.0 (2) Petvisor Holdings,LLC (15) Provider ofveterinarian-focused SaaSsolutions First lien seniorsecured revolvingloan 12.00% Base Rate(Q) 4.50% 06/2022 11/2029 1.7 1.7 1.7 (2)(11) First lien seniorsecured loan 9.83% SOFR (S) 5.50% 06/2022 11/2029 5.9 5.9 5.9 (2)(11) First lien seniorsecured loan 10.78%(4.88%PIK) SOFR (S) 6.50% 06/2022 11/2029 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 10.78%(4.88%PIK) SOFR (S) 6.50% 11/2023 11/2029 3.7 3.7 3.7 (2)(11) 11.4 11.4 Ping IdentityHolding Corp. (15) Provider of identityand accessmanagementsolutions First lien seniorsecured loan 9.08% SOFR (Q) 4.75% 10/2022 10/2029 11.2 11.2 11.2 (2)(11) Pluralsight, LLC andPluralsightHoldings, LLC andParadigmaticHoldco LLC (4)(15) Online educationlearning platform First lien seniorsecured loan 9.01%(1.50%PIK) SOFR (Q) 4.50% 08/2024 08/2029 21.5 21.5 21.5 (2)(11) First lien seniorsecured loan 12.01%PIK SOFR (Q) 7.50% 08/2024 08/2029 19.7 19.7 19.7 (2)(11) Common units 08/2024 6,356,812 14.3 13.7 (2) 55.5 54.9 PoplicusIncorporated Businessintelligence andmarket analyticsplatform forcompanies that sellto the public sector Warrant topurchase shares ofSeries C preferredstock 06/2015 06/2025 2,402,991 0.1 — PracticeTekPurchaser, LLC,PracticeTek MidCo,LLC and GSVPracticeTekHoldings, LLC (15) Software providerfor medicalpractitioners First lien seniorsecured revolvingloan 8.86% SOFR (M) 4.50% 08/2023 08/2029 0.5 0.5 0.5 (2)(11) First lien seniorsecured loan 10.11% SOFR (M) 5.75% 08/2023 08/2029 36.6 36.6 36.6 (2)(11) Seniorsubordinated loan 14.00%PIK 08/2023 08/2030 46.7 46.7 46.7 (2) Class A units 8.00%PIK 03/2021 33,220,282 25.4 38.2 (2) 109.2 122.0 ProfitSolvPurchaser, Inc. andPS Co-Invest, L.P.(15) Provider of practicemanagementsoftware to lawfirms First lien seniorsecured revolvingloan 9.86% SOFR (M) 5.50% 03/2021 03/2027 0.7 0.7 0.7 (2)(11) First lien seniorsecured loan 9.86% SOFR (M) 5.50% 03/2021 03/2027 5.4 5.4 5.4 (2)(11) F-94
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value First lien seniorsecured loan 9.86% SOFR (M) 5.50% 06/2024 03/2027 6.8 6.8 6.8 (2)(11) Limitedpartnership units 03/2021 1,624,000 0.7 2.7 (2) 13.6 15.6 Project AlphaIntermediateHolding, Inc. andQlik Parent, Inc. Provider of datavisualizationsoftware for dataanalytics Class A commonstock 08/2016 7,445 7.4 19.1 (2) Class B commonstock 08/2016 1,841,609 0.1 0.2 (2) 7.5 19.3 Project EssentialBidco, Inc. andProject EssentialSuper Parent, Inc.(15) Saas provider ofautomated crewcallout andscheduling softwarefor the utilityindustry First lien seniorsecured loan 10.91%(3.25%PIK) SOFR (Q) 6.25% 04/2021 04/2028 37.8 37.8 35.5 (2)(11) Preferred shares 13.98%PIK SOFR (Q) 9.50% 04/2021 26,436 42.8 40.3 (2)(11) 80.6 75.8 Project Potter Buyer,LLC and ProjectPotter Parent, L.P.(15) Software solutionsprovider to theready-mix concreteindustry First lien seniorsecured loan 10.33% SOFR (Q) 6.00% 04/2020 04/2027 42.8 42.8 42.8 (2)(11) First lien seniorsecured loan 10.33% SOFR (Q) 6.00% 10/2020 04/2027 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 10.33% SOFR (Q) 6.00% 11/2020 04/2027 11.7 11.7 11.7 (2)(11) First lien seniorsecured loan 10.33% SOFR (Q) 6.00% 07/2024 04/2027 17.9 17.9 17.9 (2)(11) Class B units 04/2020 588,636 — 3.3 (2) 72.5 75.8 Proofpoint, Inc. (15) Cybersecuritysolutions provider First lien seniorsecured loan 7.36% SOFR (M) 3.00% 06/2021 08/2028 1.0 0.9 1.0 (2)(11)(18) QBS Parent, Inc.(15) Provider of verticalsoftware solutionsand relatedimplementation,migration, andintegration services First lien seniorsecured loan 9.27% SOFR (Q) 4.75% 11/2024 11/2031 14.1 14.1 14.0 (2)(11) QF Holdings, Inc.(15) SaaS basedelectronic healthrecord softwareprovider First lien seniorsecured revolvingloan 9.43% SOFR (Q) 5.00% 09/2019 12/2027 0.5 0.5 0.5 (2)(11) First lien seniorsecured loan 9.69% SOFR (Q) 5.00% 09/2019 12/2027 4.9 4.9 4.9 (2)(11) First lien seniorsecured loan 9.59% SOFR (Q) 5.00% 09/2019 12/2027 1.9 1.9 1.9 (2)(11) First lien seniorsecured loan 9.54% SOFR (Q) 5.00% 08/2020 12/2027 4.9 4.9 4.9 (2)(11) First lien seniorsecured loan 9.59% SOFR (Q) 5.00% 12/2021 12/2027 8.1 8.1 8.1 (2)(11) First lien seniorsecured loan 9.51% SOFR (Q) 5.00% 12/2023 12/2027 5.1 5.1 5.1 (2)(11) 25.4 25.4 RaptorTechnologies, LLC,Sycamore BidcoLTD and RocketParent, LLC (15) Provider of SaaS-based safety andsecurity software tothe K-12 schoolmarket First lien seniorsecured loan 9.08% SOFR (Q) 4.75% 10/2021 10/2028 8.4 8.4 8.4 (2)(11) First lien seniorsecured loan 9.08% SOFR (Q) 4.75% 04/2023 10/2028 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 9.08% SOFR (Q) 4.75% 05/2024 10/2028 8.1 8.1 8.1 (2)(11) First lien seniorsecured loan 9.08% SOFR (Q) 4.75% 12/2024 10/2028 25.0 25.0 25.0 (2)(11) Class A commonunits 12/2018 2,880,582 3.5 8.9 45.1 50.5 F-95
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Regent Education,Inc. Provider of softwaresolutions designedto optimize thefinancial aid andenrollmentprocesses Warrant topurchase sharesof common stock 12/2016 12/2026 5,394,181 — — Relativity ODALLC (15) Electronic discoverydocument reviewsoftware platformfor use in litigationsand investigations First lien seniorsecured loan 8.86% SOFR (M) 4.50% 07/2024 05/2029 6.6 6.6 6.6 (2)(11) Revalize, Inc. (15) Developer andoperator of softwareprovidingconfiguration, priceand quotecapabilities First lien seniorsecured revolvingloan 10.43% SOFR (Q) 5.75% 05/2022 04/2027 0.7 0.6 0.6 (2)(11) First lien seniorsecured loan 10.49% SOFR (Q) 5.75% 05/2022 04/2027 0.7 0.7 0.6 (2)(11) 1.3 1.2 RMS HoldCo II,LLC & RMS GroupHoldings, Inc. (15) Developer ofrevenue cyclemanagementsolutions, processautomation,analytics andintegration for thehealthcare industry First lien seniorsecured loan 9.36% SOFR (M) 5.00% 12/2021 12/2028 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 9.25% SOFR (S) 5.00% 08/2022 12/2028 0.2 0.2 0.2 (2)(11) Class A commonstock 12/2021 566 5.5 4.5 (2) 5.8 4.8 Runway Bidco, LLC(15) Provider ofworkloadautomation software First lien seniorsecured loan 9.33% SOFR (S) 5.00% 12/2024 12/2031 42.8 42.4 42.4 (2)(11) Sapphire SoftwareBuyer, Inc. (15) Provider ofapplication securitytesting solutions First lien seniorsecured loan 9.75%(3.00%PIK) SOFR (S) 5.50% 09/2024 09/2031 71.6 71.6 70.8 (2)(11) Severin Acquisition,LLC (15) Provider of studentinformation systemsoftware solutions tothe K-12 educationmarket in NorthAmerica First lien seniorsecured loan 9.57%(2.25%PIK) SOFR (M) 5.00% 09/2024 10/2031 221.2 221.1 218.9 (2)(11) Smarsh Inc. andSkywalker TopCo,LLC (15) SaaS basedcommunicationarchival serviceprovider First lien seniorsecured revolvingloan 10.11% SOFR (M) 5.75% 02/2022 02/2029 0.3 0.3 0.3 (2)(11) First lien seniorsecured loan 10.08% SOFR (Q) 5.75% 02/2022 02/2029 1.4 1.4 1.4 (2)(11) Common units 11/2020 1,742,623 6.3 10.6 (2) 8.0 12.3 SocialFlow, Inc. Social mediaoptimizationplatform provider Warrant topurchase sharesof Series Cpreferred stock 01/2016 01/2026 215,331 — — SoundCloudLimited Platform forreceiving, sending,and distributingmusic Common stock 08/2017 73,422 0.4 0.7 (2)(6) SpaceshipPurchaser, Inc. (15) SaaS based websitebuilder and hostingplatform First lien seniorsecured loan 9.33% SOFR (Q) 5.00% 10/2024 10/2031 100.7 100.7 99.7 (2)(11) Spark Purchaser,Inc. (15) Software platformfor Medicareapplication process First lien seniorsecured loan 9.83% SOFR (Q) 5.50% 04/2024 04/2031 30.8 30.8 30.8 (2)(11) Spirit RR Holdings,Inc. and WinterfellCo-Invest SCSp (15) Provider of data,analytics, news, andworkflow tools tocustomers in thecounter-cyclicaldistressed debt space First lien seniorsecured loan 9.18% SOFR (Q) 4.75% 09/2022 09/2028 2.5 2.5 2.5 (2)(11) First lien seniorsecured loan 9.43% SOFR (Q) 4.75% 12/2023 09/2028 0.8 0.8 0.8 (2)(11) Limited partnerinterests 09/2022 1,010 10.2 15.3 (2) F-96
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value 13.5 18.6 Storable, Inc. andEQT IX Co-Investment (E)SCSP Paymentmanagement systemsolutions and webservices for the self-storage industry Second liensenior securedloan 11.11% SOFR (M) 6.75% 04/2021 04/2029 42.8 42.8 42.8 (2)(11) Second liensenior securedloan 11.11% SOFR (M) 6.75% 03/2022 04/2029 10.3 10.3 10.3 (2)(11) Limitedpartnershipinterests 04/2021 614,950 6.6 12.1 (2)(6) 59.7 65.2 Sundance GroupHoldings, Inc. (15) Provider of cloud-based documentmanagement andcollaborationsolutions First lien seniorsecured revolvingloan 9.08% SOFR (Q) 4.75% 09/2024 07/2029 1.8 1.8 1.8 (2)(11) First lien seniorsecured loan 9.08% SOFR (Q) 4.75% 09/2024 07/2029 26.4 26.2 26.4 (2)(11) 28.0 28.2 Superman Holdings,LLC (15) Provider of ERPsoftware for theconstructionindustry First lien seniorsecured loan 8.86% SOFR (M) 4.50% 08/2024 08/2031 35.5 35.5 35.4 (2)(11) TamarackIntermediate, L.L.C.and TamarackParent, L.L.C. (15) Provider ofenvironment, health,safety, andsustainabilitysoftware First lien seniorsecured loan 10.30% SOFR (Q) 5.75% 03/2022 03/2028 34.4 34.4 34.4 (2)(11) First lien seniorsecured loan 10.39% SOFR (Q) 5.75% 10/2023 03/2028 10.8 10.8 10.8 (2)(11) First lien seniorsecured loan 10.33% SOFR (Q) 5.75% 06/2024 03/2028 5.8 5.8 5.8 (2)(11) Class A-2 units 03/2022 5,057 5.1 6.2 56.1 57.2 TCP HawkerIntermediate LLC(15) Workforcemanagementsolutions provider First lien seniorsecured revolvingloan 8.08% SOFR (Q) 3.75% 11/2024 08/2029 3.4 3.4 3.4 (2)(11) First lien seniorsecured loan 9.33% SOFR (M) 5.00% 08/2019 08/2029 50.7 49.6 50.7 (2)(11) First lien seniorsecured loan 10.75% SOFR (Q) 6.00% 10/2023 08/2029 1.8 1.2 1.8 (2)(11) First lien seniorsecured loan 9.33% SOFR (Q) 5.00% 11/2024 08/2029 2.0 2.0 2.0 (2)(11) 56.2 57.9 Transit TechnologiesLLC (15) Provider oftransportationmanagementsoftware andspecialty telematicssolutions First lien seniorsecured loan 9.17% SOFR (S) 4.75% 08/2024 08/2031 10.8 10.8 10.7 (2)(11) UKG Inc. and H&FUnite Partners, L.P. Provider of cloudbased HCMsolutions forbusinesses Limitedpartnershipinterests 05/2019 12,583,556 12.6 26.5 (2)(6) UserZoomTechnologies, Inc. User experienceresearch automationsoftware First lien seniorsecured loan 12.75% SOFR (S) 7.50% 02/2023 04/2029 5.8 5.7 5.8 (2)(11) Victors Purchaser,LLC and WP VictorsCo-Investment, L.P.(15) Third-partymaintenanceprovider forhardware and datacenter infrastructure First lien seniorsecured revolvingloan 8.26% CORRA(Q) 4.75% 08/2024 08/2031 1.1 1.1 1.1 (2)(11) First lien seniorsecured loan 9.08% SOFR (Q) 4.75% 08/2024 08/2031 70.1 70.1 69.4 (2)(11) Partnership units 08/2024 2,482,000 2.5 2.6 (2) 73.7 73.1 Viper Bidco, Inc.(15) Provider of SaaSbased supply chainrisk managementsolutions First lien seniorsecured loan 9.52% SOFR (S) 5.00% 11/2024 11/2031 17.8 17.8 17.6 (2)(11) First lien seniorsecured loan 9.70% SONIA (M) 5.00% 11/2024 11/2031 10.3 10.4 10.2 (2)(11) F-97
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value 28.2 27.8 WebPT, Inc. andWPT IntermediateHoldco, Inc. (15) Electronic medicalrecord softwareprovider First lien seniorsecured revolvingloan 10.87% SOFR (Q) 6.25% 08/2019 01/2028 0.4 0.4 0.4 (2)(11) First lien seniorsecured revolvingloan 12.75% Base Rate(Q) 5.25% 08/2019 01/2028 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 10.86% SOFR (Q) 6.25% 08/2019 01/2028 0.1 0.1 0.1 (2)(11) Seniorsubordinated loan 13.25%PIK 05/2024 05/2029 65.3 65.3 65.3 (2) 65.9 65.9 Wellington BidcoInc. and WellingtonTopCo LP (15) Provider of ERPand paymentssoftware for localgovernments First lien seniorsecured revolvingloan 9.33% SOFR (Q) 5.00% 06/2024 06/2030 0.6 0.6 0.6 (2)(11) First lien seniorsecured loan 9.33% SOFR (Q) 5.00% 06/2024 06/2030 60.9 60.9 60.9 (2)(11) Class A-2preferred units 8.00%PIK 06/2024 2,323,000 2.4 2.4 (2) 63.9 63.9 WellnessAcquisitionCo, Inc.(15) Provider of retailconsumer insightsand analytics formanufacturers andretailers in thenatural, organic andspecialty productsindustry First lien seniorsecured loan 9.96% SOFR (M) 5.50% 01/2021 01/2027 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 9.96% SOFR (M) 5.50% 02/2022 01/2027 1.7 1.7 1.7 (2)(11) 1.8 1.8 WorkWaveIntermediate II, LLC(15) Provider of cloud-based field servicesand fleetmanagementsolutions First lien seniorsecured revolvingloan 11.43% SOFR (Q) 7.00% 06/2021 06/2027 1.1 1.1 1.1 (2)(11) First lien seniorsecured loan 11.36%(3.50%PIK) SOFR (Q) 7.00% 06/2021 06/2027 53.0 53.0 53.0 (2)(11) First lien seniorsecured loan 11.43%(3.50%PIK) SOFR (Q) 7.00% 02/2022 06/2027 19.3 19.3 19.3 (2)(11) First lien seniorsecured loan 11.43%(3.50%PIK) SOFR (Q) 7.00% 03/2024 06/2027 6.4 6.4 6.4 (2)(11) 79.8 79.8 ZenDesk, Inc., ZoroTopCo, Inc. andZoro TopCo, LP (15) Provider of cloud-based customersupport solutions First lien seniorsecured loan 9.33% SOFR (S) 5.00% 12/2022 11/2028 43.4 43.4 43.4 (2)(11) Series A preferredstock 13.83%PIK SOFR (Q) 9.50% 11/2022 27,226 35.3 35.3 (2) Class A commonunits 11/2022 269,100 2.7 2.6 (2) 81.4 81.3 6,490.1 6,470.5 Health CareEquipment andServices Absolute DentalGroup LLC andAbsolute DentalEquity, LLC (5)(15) Dental servicesprovider First lien seniorsecured revolvingloan 9.59%PIK SOFR (Q) 5.00% 06/2021 06/2026 14.5 14.5 14.5 (2)(11) First lien seniorsecured loan 9.59%PIK SOFR (Q) 5.00% 09/2024 06/2026 41.3 41.3 41.3 (2)(11) Class A preferredunits 09/2024 20,000,000 16.2 11.5 (2) Class A commonunits 06/2021 6,553,553 4.7 — (2) 76.7 67.3 F-98
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value ADG, LLC, GEDCEquity, LLC and RCIV GEDC InvestorLLC (5)(15) Dental servicesprovider First lien seniorsecured loan 11.58%(3.00%PIK) SOFR (Q) 7.00% 09/2016 09/2026 15.5 15.5 15.5 (2)(11) Second lien seniorsecured loan 10.00%PIK 06/2023 03/2027 43.4 43.4 43.4 (2) Membership units 09/2016 3,000,000 — — (2) Class A commonunits 06/2023 7,776,181 29.4 0.5 (2) 88.3 59.4 Advarra Holdings,Inc. (15) Provider of centralinstitutional reviewboards over clinicaltrials First lien seniorsecured loan 8.86% SOFR (M) 4.50% 08/2022 09/2031 4.0 4.0 4.0 (2)(11) Aerin Medical Inc.(15) Developer andmanufacturer ofnon-invasive nasaltreatment solutions First lien seniorsecured loan 11.06% SOFR (S) 6.75% 12/2024 12/2030 13.1 12.8 12.9 (2)(11) Series G preferredshares 12/2024 877,379 1.0 1.0 (2) 13.8 13.9 AHR FundingHoldings, Inc. andAHR ParentHoldings, LP Provider of revenuecycle managementsolutions tohospitals Series A preferredshares 12.75%PIK 07/2022 07/2028 35,000 47.7 47.7 (2) Preferred units 8.00%PIK 07/2022 9,900 12.0 13.0 (2) Class B commonunits 07/2022 100,000 0.1 0.1 (2) 59.8 60.8 Amerivet PartnersManagement, Inc.and AVE HoldingsLP (15) Veterinary practicemanagementplatform Subordinated loan 16.50%PIK 11/2023 12/2030 66.2 65.0 63.5 (2) Class A units 03/2024 2,922 2.9 0.4 (2) Class C units 11/2023 7,144 1.4 — (2) 69.3 63.9 Artivion, Inc. (15) Manufacturer,processor anddistributor ofmedical devices andimplantable humantissues First lien seniorsecured revolvingloan 8.59% SOFR (Q) 4.00% 01/2024 01/2030 0.9 0.9 0.9 (2)(6)(11) First lien seniorsecured loan 11.09% SOFR (Q) 6.50% 01/2024 01/2030 11.5 11.5 11.5 (2)(6)(11) 12.4 12.4 AthenaHealth GroupInc., MinervaHoldco, Inc. andBCPE Co-Invest(A), LP (15)(16) Revenue cyclemanagementprovider to thephysician practicesand acute carehospitals First lien seniorsecured loan 7.61% SOFR (M) 3.25% 07/2023 02/2029 0.1 0.1 0.1 (2)(11)(18) Series A preferredstock 10.75%PIK 02/2022 198,505 270.5 270.5 (2) Class A units 02/2022 10,487,951 10.5 12.8 (2) 281.1 283.4 Avalign Holdings,Inc. and AvalignTechnologies, Inc.(15) Full-service contractmanufacturer ofmedical devicecomponents for theorthopedic OEMindustry First lien seniorsecured revolvingloan 10.85% SOFR (M) 6.50% 03/2024 12/2028 1.6 1.6 1.5 (2)(11) First lien seniorsecured loan 11.76%(3.63%PIK) SOFR (Q) 7.25% 03/2024 12/2028 38.9 38.9 36.1 (2)(11) 40.5 37.6 BAART Programs,Inc., MedMarkServices, Inc., andCanadian AddictionTreatment CentresLP Opioid treatmentprovider First lien seniorsecured loan 9.59% SOFR (Q) 5.00% 05/2022 06/2027 5.9 5.9 5.6 (2)(11) F-99
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Bambino GroupHoldings, LLC Dental servicesprovider Class A preferredunits 12/2016 1,000,000 1.0 0.8 (2) Center for Autismand RelatedDisorders, LLC (15) Autism treatmentand servicesproviderspecializing inapplied behavioranalysis therapy First lien seniorsecured revolvingloan 11/2018 11/2023 6.8 — — (2)(10)(14) First lien seniorsecured revolvingloan 01/2022 11/2023 1.0 — — (2)(10)(14) First lien seniorsecured loan 06/2023 08/2023 1.5 — — (2)(10) — — Color Intermediate,LLC Provider of pre-payment integritysoftware solution First lien seniorsecured loan 9.18% SOFR (Q) 4.75% 10/2022 10/2029 20.0 20.0 20.0 (2)(11) ComprehensiveEyeCare Partners,LLC (15) Vision care practicemanagementcompany First lien seniorsecured revolvingloan 11.09%(2.50%PIK) SOFR (M) 6.50% 02/2018 02/2025 2.0 2.0 1.9 (2)(11) First lien seniorsecured loan 11.09%(2.50%PIK) SOFR (M) 6.50% 02/2018 02/2025 0.3 0.3 0.3 (2)(11) 2.3 2.2 Convey HealthSolutions, Inc. Healthcareworkforcemanagementsoftware provider First lien seniorsecured loan 9.68%(4.25%PIK) SOFR (Q) 5.25% 09/2019 07/2029 1.9 1.9 1.6 (2)(6)(11) First lien seniorsecured loan 9.68%(4.25%PIK) SOFR (Q) 5.25% 02/2022 07/2029 0.1 0.1 0.1 (2)(6)(11) First lien seniorsecured loan 9.68%(4.25%PIK) SOFR (Q) 5.25% 10/2022 07/2029 0.1 0.1 0.1 (2)(6)(11) 2.1 1.8 Cradle Lux BidcoS.A.R.L. (15) Provider ofconsumables andequipment for ARTand IVF procedures First lien seniorsecured loan 10.09% SOFR (S) 5.50% 11/2024 11/2031 2.9 2.9 2.9 (2)(6)(11) First lien seniorsecured loan 8.28% Euribor (S) 5.50% 11/2024 11/2031 8.3 8.4 8.1 (2)(6)(11) 11.3 11.0 Crown CT ParentInc., Crown CTHoldCo Inc. andCrown CTManagement LLC(15) Provider of medicaldevices and servicesfor the treatment ofpositionalplagiocephaly First lien seniorsecured revolvingloan 9.98% SOFR (Q) 5.50% 03/2022 03/2028 0.1 0.1 0.1 (2)(11)(14) First lien seniorsecured loan 9.98% SOFR (Q) 5.50% 03/2022 03/2029 24.0 24.0 24.0 (2)(11) Class A shares 03/2022 192 1.9 2.4 (2) Common units 03/2022 31 0.3 0.4 (2) 26.3 26.9 CVP Holdco, Inc.and OMERSWildcats InvestmentHoldings LLC (15) Veterinary hospitaloperator First lien seniorsecured loan 9.11% SOFR (M) 4.75% 06/2024 06/2031 159.2 159.2 159.2 (2)(11) Class A preferredunits 15.00%PIK 08/2023 3,678 2.7 1.9 (2) Common stock 10/2019 41,443 14.5 21.8 (2) 176.4 182.9 Empower PaymentsInvestor, LLC (15) Financialcommunication andpayment solutionsprovider First lien seniorsecured loan 8.86% SOFR (M) 4.50% 03/2024 03/2031 32.8 32.2 32.8 (2)(11) Evolent Health LLCand Evolent Health,Inc. (15) Medical technologycompany focused onvalue based careservices andpayment solutions Series A preferredshares 10.48% SOFR (Q) 6.00% 01/2023 01/2029 3,834 3.8 4.0 (2)(6)(11) GHX UltimateParent Corporation,Commerce Parent,Inc. and CommerceTopco, LLC (15) On-demand supplychain automationsolutions provider tothe healthcareindustry First lien seniorsecured loan 9.08% SOFR (Q) 4.75% 12/2024 12/2031 243.5 243.5 241.1 (2)(11) F-100
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Class A units 06/2017 15,706,534 12.9 43.3 (2) 256.4 284.4 Global MedicalResponse, Inc. andGMR Buyer Corp. Emergency airmedical servicesprovider First lien seniorsecured loan 9.86%(1.25%PIK) SOFR (M) 5.50% 06/2022 10/2028 41.3 39.3 41.3 (2)(11)(18) Series B preferredshares 15.00%PIK 05/2024 126,377 138.6 138.6 (2) Warrant topurchase units ofcommon stock 03/2018 03/2028 115,733 0.9 0.4 (2) Warrant topurchase units ofcommon stock 12/2021 12/2031 1,927 0.1 — (2) Warrants topurchase sharesof common stock 05/2024 05/2031 3,116,642 — 10.2 (2) 178.9 190.5 HealthEdgeSoftware, Inc. (15) Provider offinancial,administrative andclinical softwareplatforms to thehealthcare industry First lien seniorsecured loan 9.13% SOFR (M) 4.75% 07/2024 07/2031 26.5 26.5 26.5 (2)(11) Honor Technology,Inc. Nursing and homecare provider Warrant topurchase sharesof Series D-2preferred stock 08/2021 08/2031 133,333 0.1 — (2) HuFriedy GroupAcquisition LLC(15) Manufacturer ofsurgical dentalequipment andsterile instruments First lien seniorsecured revolvingloan 05/2024 05/2030 — — — (2)(11)(13) First lien seniorsecured loan 9.99% SOFR (Q) 5.50% 05/2024 05/2031 73.4 73.4 73.4 (2)(11) 73.4 73.4 KBHS Acquisition,LLC (d/b/a AlitaCare, LLC) (15) Provider ofbehavioral healthservices First lien seniorsecured revolvingloan 11.95% SOFR (A) 6.50% 03/2017 03/2027 2.0 2.0 1.6 (2)(11) First lien seniorsecured revolvingloan 13.00% Base Rate(Q) 5.50% 03/2017 03/2027 0.4 0.4 0.3 (2)(11) First lien seniorsecured revolvingloan 9.45% SOFR (Q) 5.00% 03/2017 03/2027 1.1 1.1 1.0 (2)(11) 3.5 2.9 Lifescan GlobalCorporation Provider of bloodglucose monitoringsystems for homeand hospital use First lien seniorsecured loan 05/2022 12/2026 11.4 9.5 3.9 (2)(10)(18) Second liensenior securedloan 05/2022 03/2027 0.2 0.2 — (2)(10) 9.7 3.9 LivTech Purchaser,Inc. (15) Provider of seniorcare end-to-endsoftware, paymentsand RCM platform First lien seniorsecured loan 9.01% SOFR (S) 4.50% 11/2024 11/2031 4.9 4.9 4.8 (2)(11) Napa ManagementServicesCorporation andASP NAPAHoldings, LLC Anesthesiamanagementservices provider Preferred units 15.00%PIK 06/2020 1,842 0.2 0.2 (2) Senior preferredunits 8.00%PIK 06/2020 5,320 0.4 0.4 (2) Class A units 04/2016 25,277 2.5 3.2 (2) 3.1 3.8 Next Holdco, LLC(15) Provider ofelectronic medicalrecord and practicemanagementsoftware First lien seniorsecured loan 10.27% SOFR (Q) 5.75% 11/2023 11/2030 6.5 6.5 6.5 (2)(11) NMN Holdings IIICorp. and NMNHoldings LP (15) Provider of complexrehabilitationtechnologysolutions forpatients withmobility loss First lien seniorsecured revolvingloan 8.88% SOFR (M) 4.50% 07/2024 07/2031 3.6 3.6 3.6 (2)(11)(14) F-101
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value First lien seniorsecured loan 8.86% SOFR (M) 4.50% 07/2024 07/2031 247.0 247.0 244.5 (2)(11) Partnership units 11/2018 30,000 3.0 8.8 (2) 253.6 256.9 Nomi Health, Inc. Provider of softwarepayment services forhealthcare industry First lien seniorsecured loan 12.84% SOFR (Q) 8.25% 07/2023 07/2028 11.4 11.4 11.3 (2)(11) First lien seniorsecured loan 12.84% SOFR (Q) 8.25% 06/2024 07/2028 6.8 6.8 6.8 (2)(11) Warrant topurchase sharesof Series Bpreferred stock 07/2023 07/2033 9,941 — — (2) Warrant topurchase units ofClass A commonstock 06/2024 06/2034 22,211 — 0.1 (2) 18.2 18.2 OlympiaAcquisition, Inc.,Olympia TopCo,L.P., and AsclepiusHoldings LLC (5)(15) Behavioral healthand specialeducation platformprovider First lien seniorsecured loan 14.00%PIK SOFR (Q) 9.50% 01/2023 02/2027 3.7 3.7 3.7 (2)(11) First lien seniorsecured loan 09/2019 02/2027 64.8 49.3 28.5 (2)(10) First lien seniorsecured loan 02/2022 02/2027 13.2 10.2 5.8 (2)(10) Preferred units 07/2021 04/2024 417,189 — — (2) Preferred stock 02/2022 7,983 3.1 — (2) Class A commonunits 09/2019 9,549,000 9.5 — (2) Common units 02/2022 7,584 — — (2) 75.8 38.0 OMH-HealthEdgeHoldings, LLC (15) Revenue cyclemanagementprovider to thehealthcare industry First lien seniorsecured loan 10.25% SOFR (Q) 6.00% 10/2023 10/2029 96.9 96.9 96.9 (2)(11) Paragon 28, Inc. andParagon AdvancedTechnologies, Inc.(15) Medical devicecompany First lien seniorsecured revolvingloan 8.59% SOFR (Q) 4.00% 11/2023 11/2028 0.1 0.1 0.1 (2)(6)(11) First lien seniorsecured loan 11.34% SOFR (Q) 6.75% 11/2023 11/2028 24.0 24.0 24.0 (2)(6)(11) 24.1 24.1 Pathway VetAlliance LLC andJedi Group HoldingsLLC (15) Veterinary hospitaloperator First lien seniorsecured revolvingloan 03/2020 03/2025 — — — (2)(13) Second liensenior securedloan 12.22% SOFR (M) 7.75% 03/2020 03/2028 76.3 76.3 58.8 (2)(11) Class R commonunits 03/2020 6,004,768 6.0 — (2) 82.3 58.8 PetVet Care Centers,LLC (15) Veterinary hospitaloperator First lien seniorsecured loan 10.36% SOFR (M) 6.00% 11/2023 11/2030 131.4 131.4 122.2 (2)(11) Premise HealthHolding Corp. andOMERS BluejayInvestment HoldingsLP (15) Provider ofemployer-sponsoredonsite health andwellness clinics andpharmacies First lien seniorsecured revolvingloan 02/2024 03/2030 — — — (2)(11)(13) First lien seniorsecured loan 9.82% SOFR (Q) 5.50% 02/2024 03/2031 54.2 54.2 54.2 (2)(11) Class A units 07/2018 9,775 9.8 18.3 (2) 64.0 72.5 RTI Surgical, Inc.and Pioneer SurgicalTechnology, Inc.(15) Manufacturer ofbiologic, metal andsyntheticimplants/devices First lien seniorsecured revolvingloan 11.21% SOFR (M) 6.75% 07/2020 07/2026 11.6 11.6 11.6 (2)(11) First lien seniorsecured loan 12.09% SOFR (S) 6.75% 07/2020 07/2026 22.0 22.0 22.0 (2)(11) F-102
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value 33.6 33.6 SiroMed PhysicianServices, Inc. andSiroMed EquityHoldings, LLC Outsourcedanesthesia provider Common units 03/2018 684,854 4.8 1.7 (2) SM WellnessHoldings, Inc. andSM Holdco, LLC(15) Breast cancerscreening provider Series D units 8.00%PIK 03/2023 1,127 1.3 1.4 (2) Series A units 08/2018 8,041 8.0 8.8 (2) Series B units 08/2018 916,795 — — (2) 9.3 10.2 SOC Telemed, Inc.and PSC SparkHoldings, LP Provider of acutecare telemedicine First lien seniorsecured loan 11.86%(2.00%PIK) SOFR (Q) 7.50% 08/2022 08/2027 107.3 104.8 99.8 (2)(11) Class A-2 units 08/2022 4,812 4.9 1.9 (2) Warrant topurchase units ofcommon stock 08/2022 08/2029 6,118 4.7 3.4 (2) 114.4 105.1 Surescripts, LLC(15) Healthcare networkfor e-prescriptionrouting, patienteligibility checks,and secureexchange ofmedical records First lien seniorsecured loan 8.33% SOFR (Q) 4.00% 11/2024 11/2031 58.0 58.0 57.5 (2)(11) Symplr SoftwareInc. and SymplrSoftwareIntermediateHoldings, Inc. (15) SaaS basedhealthcarecomplianceplatform provider First lien seniorsecured revolvingloan 8.34% SOFR (Q) 3.75% 12/2020 12/2027 3.7 3.7 3.4 (2) First lien seniorsecured loan 9.19% SOFR (Q) 4.50% 02/2022 12/2027 28.8 27.9 26.3 (2)(11)(18) First lien seniorsecured loan 9.94% SOFR (Q) 5.25% 04/2024 12/2027 17.3 17.3 16.1 (2)(11) Second liensenior securedloan 12.56% SOFR (Q) 7.88% 12/2020 12/2028 76.2 76.2 70.9 (2)(11) Second liensenior securedloan 14.69%(4.00%PIK) SOFR (Q) 10.00% 04/2024 12/2028 52.9 52.9 51.9 (2)(11) Series C-1preferred shares 11.00%PIK 06/2021 75,939 118.3 100.5 (2) Series C-2preferred shares 11.00%PIK 06/2021 40,115 59.3 50.3 (2) Series C-3preferred shares 11.00%PIK 10/2021 16,201 23.1 19.6 (2) 378.7 339.0 Synergy HomeCareFranchising, LLCand NP/SynergyHoldings, LLC (15) Franchisor ofprivate-pay homecare for the elderly First lien seniorsecured loan 10.23% SOFR (Q) 5.75% 04/2018 04/2026 10.9 10.9 10.9 (2)(11) Common units 04/2018 550 0.5 1.9 11.4 12.8 Tempus AI, Inc. Provider oftechnology enabledprecision medicinesolutions First lien seniorsecured loan 12.86%(3.25%PIK) SOFR (Q) 8.25% 09/2022 09/2027 75.0 75.0 75.0 (2)(6)(11) First lien seniorsecured loan 12.86%(3.25%PIK) SOFR (Q) 8.25% 04/2023 09/2027 21.8 21.8 21.8 (2)(6)(11) First lien seniorsecured loan 12.86%(3.25%PIK) SOFR (Q) 8.25% 10/2023 09/2027 9.3 9.3 9.3 (2)(6)(11) Common units 10/2023 60,821 1.9 2.1 (2)(6)(18) 108.0 108.2 Therapy BrandsHoldings LLC Provider ofsoftware solutionsfor the mental andbehavioral healthmarket segments Second liensenior securedloan 11.22% SOFR (M) 6.75% 06/2021 05/2029 29.1 29.0 26.2 (2)(11) F-103
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value U.S. AnesthesiaPartners, Inc. &U.S. AnesthesiaPartners Holdings,Inc. Anesthesiologyservice provider Second liensenior securedloan 12.17% SOFR (M) 7.50% 10/2021 10/2029 147.8 147.8 147.8 (2)(11) Common stock 12/2021 3,671,429 12.9 8.9 (2) 160.7 156.7 United DigestiveMSO Parent, LLCand Koln Co-InvestUnblocked, LP (15) Gastroenterologyphysician group First lien seniorsecured revolvingloan 10.14% SOFR (Q) 5.75% 03/2023 03/2029 0.5 0.5 0.5 (2)(11) First lien seniorsecured loan 10.08% SOFR (Q) 5.75% 03/2023 03/2029 10.2 10.2 10.2 (2)(11) Class A interests 03/2023 4,623 4.6 5.9 15.3 16.6 Viant MedicalHoldings, Inc. Manufacturer ofplastic and rubbercomponents forhealth careequipment First lien seniorsecured loan 8.60% SOFR (Q) 4.00% 10/2024 10/2031 27.6 27.5 27.9 (2)(18) VPP IntermediateHoldings, LLC andVPP GroupHoldings, L.P. (15) Veterinary hospitaloperator First lien seniorsecured loan 10.21% SOFR (M) 5.75% 12/2021 12/2027 6.1 6.1 6.1 (2)(11) First lien seniorsecured loan 10.21% SOFR (M) 5.75% 08/2022 12/2027 9.1 9.1 9.1 (2)(11) First lien seniorsecured loan 10.16% SOFR (M) 5.75% 08/2023 12/2027 12.4 12.4 12.4 (2)(11) First lien seniorsecured loan 10.27% SOFR (M) 5.75% 03/2024 12/2027 2.0 2.0 2.0 (2)(11) Class A-2 units 12/2021 7,524 7.5 11.9 (2) Class A-2 units 03/2023 45 0.1 0.1 (2) 37.2 41.6 WSHP FCAcquisition LLCand WSHP FCHoldings LLC (15) Provider ofbiospecimenproducts for pharmaresearch First lien seniorsecured revolvingloan 11.98%(4.00%PIK) SOFR (Q) 7.50% 03/2018 03/2028 10.2 10.2 9.5 (2)(11)(14) First lien seniorsecured loan 11.98%(4.00%PIK) SOFR (Q) 7.50% 03/2018 03/2028 33.2 33.2 30.9 (2)(11) First lien seniorsecured loan 11.98%(4.00%PIK) SOFR (Q) 7.50% 02/2019 03/2028 4.5 4.5 4.2 (2)(11) First lien seniorsecured loan 11.98%(4.00%PIK) SOFR (Q) 7.50% 08/2019 03/2028 13.9 13.9 12.9 (2)(11) First lien seniorsecured loan 11.98%(4.00%PIK) SOFR (Q) 7.50% 10/2019 03/2028 10.8 10.7 10.0 (2)(11) First lien seniorsecured loan 11.98%(4.00%PIK) SOFR (Q) 7.50% 10/2021 03/2028 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 11.98%(4.00%PIK) SOFR (Q) 7.50% 11/2021 03/2028 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 11.98%(4.00%PIK) SOFR (Q) 7.50% 07/2022 03/2028 31.2 31.2 29.0 (2)(11) Class A preferredunits 11/2024 455 0.3 — Common units 07/2022 35,299 5.0 3.1 109.2 99.8 ZocDoc, Inc. Healthcaremarketplaceconnecting patientsand providers First lien seniorsecured loan 11.02% SOFR (Q) 6.50% 05/2024 05/2029 74.1 71.8 74.1 (2)(11) 3,405.4 3,286.0 Financial Services Aduro Advisors,LLC (15) Provider of fundadministrationservices First lien seniorsecured loan 9.36% SOFR (M) 5.00% 07/2024 07/2030 8.3 8.3 8.2 (2)(11) F-104
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value AQ Sage Buyer,LLC (15) Provider of actuarialconsulting andcomprehensivewealth managementservices First lien seniorsecured revolvingloan 10.48% SOFR (Q) 6.00% 05/2022 01/2026 0.4 0.4 0.4 (2)(6)(11) First lien seniorsecured loan 10.48% SOFR (Q) 6.00% 05/2022 01/2027 3.6 3.6 3.4 (2)(6)(11) 4.0 3.8 BCC BlueprintHoldings I, LLC andBCC BlueprintInvestments, LLC Provider ofcomprehensive suiteof investmentmanagement andwealth planningsolutions First lien seniorsecured loan 11.25% SOFR (Q) 6.75% 09/2021 09/2027 0.2 0.2 0.2 (2)(11) Seniorsubordinated loan 9.30%PIK 09/2021 09/2026 6.0 6.0 6.0 (2) Common units 09/2021 6,291,539 6.3 6.5 (2) 12.5 12.7 Beacon PointeHarmony, LLC (15) Provider ofcomprehensivewealth managementservices First lien seniorsecured loan 9.49% SOFR (Q) 4.75% 12/2021 12/2028 5.5 5.5 5.5 (2)(6)(11) First lien seniorsecured loan 9.21% SOFR (M) 4.75% 12/2021 12/2028 14.1 14.1 14.1 (2)(6)(11) First lien seniorsecured loan 9.49% SOFR (Q) 4.75% 07/2023 12/2028 3.8 3.8 3.8 (2)(6)(11) First lien seniorsecured loan 9.18% SOFR (Q) 4.75% 06/2024 12/2028 2.2 2.2 2.2 (2)(6)(11) 25.6 25.6 Cliffwater LLC (15) Provider ofalternativeinvestment advisoryservices First lien seniorsecured loan 8.86% SOFR (M) 4.50% 10/2023 10/2030 4.0 4.0 4.0 (2)(6)(11) ConveraInternationalHoldings Limitedand ConveraInternationalFinancial S.A R.L.(15) Provider of B2Binternationalpayment and FXrisk managementsolutions First lien seniorsecured loan 10.48% SOFR (Q) 6.00% 03/2022 03/2028 0.1 0.1 0.1 (2)(6)(11) First lien seniorsecured loan 10.48% SOFR (Q) 6.00% 06/2023 03/2028 0.1 0.1 0.1 (2)(6)(11) First lien seniorsecured loan 10.48% SOFR (Q) 6.00% 11/2024 03/2028 8.8 8.8 8.8 (2)(6)(11) 9.0 9.0 Corient Holdings,Inc. Global wealthmanagement firm Series A preferredstock 05/2023 41,427 41.4 63.1 (2) CrossCountryMortgage, LLC andCrossCountryHoldco, LLC Mortgage companyoriginating loans inthe retail andconsumer directchannels Series D preferredunits 11/2023 90,577 24.9 28.5 DFC Global FacilityBorrower III LLC(15) Non-bank providerof alternativefinancial services First lien seniorsecured revolvingloan 12.15% SOFR (M) 7.50% 04/2023 04/2028 91.3 98.3 91.4 (2)(6)(9)(11) eCapital FinanceCorp. Consolidator ofcommercial financebusinesses Seniorsubordinated loan 12.25% SOFR (M) 7.75% 10/2024 12/2025 42.1 41.5 42.1 (2)(6)(11) Seniorsubordinated loan 12.40% SOFR (M) 7.75% 01/2020 12/2025 56.0 54.9 56.0 (2)(6)(11) Seniorsubordinated loan 12.40% SOFR (M) 7.75% 11/2020 12/2025 5.4 5.3 5.4 (2)(6)(11) Seniorsubordinated loan 12.19% SOFR (M) 7.75% 01/2022 12/2025 24.3 23.8 24.3 (2)(6)(11) Seniorsubordinated loan 12.40% SOFR (M) 7.75% 04/2022 12/2025 55.8 54.7 55.8 (2)(6)(11) Seniorsubordinated loan 12.40% SOFR (M) 7.75% 10/2023 12/2025 12.3 12.0 12.3 (2)(6)(11) Seniorsubordinated loan 12.97% SOFR (M) 8.50% 12/2024 12/2025 21.9 21.5 21.9 (2)(6)(11) 213.7 217.8 Endeavor BidcoLLC and EndeavorTopCo, Inc. Global securitiesfinance tradingplatform First lien seniorsecured loan 8.58% SOFR (Q) 4.25% 08/2024 08/2029 6.1 6.1 6.0 (2)(11) F-105
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Class A commonunits 08/2024 1,859 1.9 1.9 8.0 7.9 EP Wealth Advisors,LLC Wealth managementand financialplanning firm First lien seniorsecured loan 8.83% SOFR (Q) 4.50% 09/2020 09/2029 0.6 0.6 0.6 (2)(11) First lien seniorsecured loan 8.83% SOFR (Q) 4.50% 11/2022 09/2029 0.2 0.2 0.2 (2)(11) 0.8 0.8 GTCR F BuyerCorp. and GTCR(D) Investors LP(15)(16) Provider of end-to-end tech-enabledadministrativeservices to privatefoundations First lien seniorsecured loan 9.33% SOFR (Q) 5.00% 09/2023 09/2030 5.2 5.2 5.2 (2)(11) Limitedpartnershipinterests 09/2023 4,764,743 4.8 6.5 (2) 10.0 11.7 HighTower Holding,LLC Provider ofinvestment,financial andretirement planningservices Seniorsubordinated loan 6.75% 06/2022 04/2029 8.1 7.1 8.0 (2)(6)(18) Ivy Hill AssetManagement, L.P.(5) Asset managementservices Member interest 06/2009 100.00% 1,700.5 1,915.3 (6) Lido Advisors, LLC(15) Wealth managementand financialplanning firm First lien seniorsecured revolvingloan 9.34% SOFR (M) 5.00% 06/2021 06/2029 0.8 0.8 0.8 (2)(11)(14) First lien seniorsecured loan 9.59% SOFR (Q) 5.00% 06/2021 06/2029 5.1 5.1 5.1 (2)(11) First lien seniorsecured loan 9.47% SOFR (Q) 5.00% 06/2023 06/2029 6.0 6.0 6.0 (2)(11) First lien seniorsecured loan 9.49% SOFR (Q) 5.00% 11/2024 06/2029 2.7 2.7 2.7 (2)(11) 14.6 14.6 Mai CapitalManagementIntermediate LLC(15) Provider ofcomprehensivewealth managementservices andregisteredinvestment advisor First lien seniorsecured revolvingloan 9.08% SOFR (Q) 4.75% 08/2024 08/2031 0.3 0.3 0.2 (2)(6)(11) First lien seniorsecured loan 9.08% SOFR (M) 4.75% 08/2024 08/2031 9.8 9.8 9.7 (2)(6)(11) 10.1 9.9 Monica Holdco(US) Inc. (15) Investmenttechnology andadvisory firm First lien seniorsecured loan 10.23% SOFR (Q) 5.75% 01/2021 01/2028 2.5 2.5 2.5 (2)(6)(11) First lien seniorsecured loan 10.08% SOFR (Q) 5.75% 08/2024 01/2028 2.7 2.7 2.7 (2)(6)(11) 5.2 5.2 Pathstone FamilyOffice LLC andKelso XI TailwindCo-Investment, L.P.(15)(16) Provider ofcomprehensivewealth managementservices andregisteredinvestment advisor First lien seniorsecured loan 9.46% SOFR (M) 5.00% 05/2023 05/2029 4.9 4.9 4.9 (2)(6)(11) First lien seniorsecured loan 9.46% SOFR (M) 5.00% 09/2023 05/2029 8.0 8.0 8.0 (2)(6)(11) First lien seniorsecured loan 9.46% SOFR (M) 5.00% 06/2024 05/2029 0.3 0.3 0.3 (2)(6)(11) First lien seniorsecured loan 9.46% SOFR (M) 4.75% 12/2024 05/2029 15.0 15.0 15.0 (2)(6)(11) Limitedpartnershipinterests 09/2023 1,973,099 2.0 2.5 (6) 30.2 30.7 PCIA SPV-3, LLCand ASE RoyalAggregator, LLC(15) Provider ofcomprehensivewealth managementservices First lien seniorsecured loan 9.64% SOFR (Q) 5.25% 08/2023 08/2029 6.9 6.9 6.9 (2)(6)(11) Preferred units 07/2023 6,431,667 6.5 7.5 (6) 13.4 14.4 F-106
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value PCS MidCo, Inc.and PCS Parent, L.P.(15) Provider of 401Krecordkeepingsoftware solutions First lien seniorsecured revolvingloan 10.08% SOFR (Q) 5.75% 03/2024 03/2030 0.8 0.8 0.8 (2)(11) First lien seniorsecured loan 10.12% SOFR (Q) 5.75% 03/2024 03/2030 8.5 8.5 8.5 (2)(11) Class A units 03/2024 785,000 0.8 0.8 (2) 10.1 10.1 Perigon WealthManagement, LLC,Perigon WealthAdvisors HoldingsCompany, LLC andCWC Fund I Co-Invest (Prism) LP(15) Wealth managementand financialplanning firm First lien seniorsecured loan 9.61% SOFR (M) 5.25% 03/2024 03/2031 2.3 2.3 2.3 (2)(6)(11) Limitedpartnershipinterest 03/2024 2,374,000 2.4 2.5 (6) 4.7 4.8 Petrus Buyer, Inc.(15) Provider of REITresearch data andanalytics First lien seniorsecured loan 9.87% SOFR (Q) 5.25% 11/2022 10/2029 5.9 5.9 5.9 (2)(11) Priority TechnologyHoldings, Inc. Provider ofmerchant acquiringand paymentprocessing solutions Warrant topurchase shares ofcommon stock 04/2021 04/2031 527,226 4.0 6.2 (2)(6)(18) RFS Opco LLC (15) Provider of wealthmanagementservices First lien seniorsecured loan 9.08% SOFR (Q) 4.75% 04/2024 04/2031 29.5 29.5 29.5 (2)(6)(11) Rialto ManagementGroup, LLC (15) Investment and assetmanagementplatform focused onreal estate First lien seniorsecured revolvingloan 11/2018 12/2025 — — — (2)(6)(11)(13) First lien seniorsecured loan 9.53% SOFR (S) 5.00% 12/2024 12/2030 24.8 24.8 24.5 (2)(6)(11) 24.8 24.5 RWA WealthPartners, LLC (15) Provider ofcomprehensivewealth managementservices First lien seniorsecured loan 9.27% SOFR (Q) 4.75% 11/2024 11/2030 8.1 8.1 8.1 (2)(6)(11) Steward PartnersGlobal Advisory,LLC and StewardPartners InvestmentAdvisory, LLC (15) Wealth managementplatform First lien seniorsecured loan 9.08% SOFR (Q) 4.75% 12/2023 10/2028 2.7 2.6 2.7 (2)(6)(11) First lien seniorsecured loan 9.80% SOFR (Q) 5.25% 12/2023 10/2028 0.2 0.2 0.2 (2)(6)(11) 2.8 2.9 The EdelmanFinancial Center,LLC Provider ofinvestment,financial andretirement planningservices Second liensenior securedloan 9.61% SOFR (M) 5.25% 05/2024 10/2028 0.1 0.1 0.1 (2)(6)(18) The Mather Group,LLC, TVG-TMGTopco, Inc., andTVG-TMGHoldings, LLC (15) Provider ofcomprehensivewealth managementservices First lien seniorsecured revolvingloan 12.50% Base Rate(Q) 5.00% 03/2022 03/2028 0.2 0.2 0.2 (2)(6)(11) First lien seniorsecured loan 10.53% SOFR (Q) 6.00% 03/2022 03/2028 3.9 3.9 3.9 (2)(6)(11) Seniorsubordinated loan 12.00%PIK 03/2022 03/2029 3.8 3.8 3.7 (2)(6) Series A preferredunits 03/2022 7,199 7.2 4.0 (2)(6) Common units 03/2022 7,199 — — (2)(6) 15.1 11.8 The Ultimus GroupMidco, LLC, TheUltimus Group,LLC, and TheUltimus GroupAggregator, LP (15) Provider of asset-servicingcapabilities for fundmanagers First lien seniorsecured loan 9.68% SOFR (Q) 5.25% 03/2024 03/2031 20.7 20.7 20.7 (2)(11) Class A preferredunits 8.00%PIK 09/2019 1,443 2.3 2.3 Class A commonunits 02/2019 245 0.2 3.8 F-107
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Class B commonunits 02/2019 2,167,424 — — Class B commonunits 02/2019 245,194 — — 23.2 26.8 TPG IX Cardiff CI II,L.P. Provider ofcomprehensivewealth managementservices Limitedpartnershipinterest 11/2024 5,719,511 5.8 5.7 (2)(6) Waverly Advisors,LLC and WAAMTopco, LLC (15) Wealth managementand financialplanning firm First lien seniorsecured loan 9.98% SOFR (Q) 5.50% 03/2022 03/2028 0.7 0.7 0.7 (2)(6)(11) First lien seniorsecured loan 9.73% SOFR (Q) 5.25% 03/2024 03/2028 4.3 4.3 4.3 (2)(6)(11) Class A units 06/2023 1,432,867 1.7 3.0 (6) 6.7 8.0 Wealth EnhancementGroup, LLC (15) Wealth managementand financialplanning firm First lien seniorsecured loan 9.57% SOFR (Q) 5.00% 10/2019 10/2028 0.5 0.5 0.5 (2)(11) First lien seniorsecured loan 9.50% SOFR (Q) 5.00% 11/2020 10/2028 1.9 1.9 1.9 (2)(11) First lien seniorsecured loan 9.56% SOFR (Q) 5.00% 06/2021 10/2028 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 9.55% SOFR (Q) 5.00% 08/2021 10/2028 0.9 0.9 0.9 (2)(11) First lien seniorsecured loan 9.44% SOFR (Q) 5.00% 02/2024 10/2028 12.0 12.0 12.0 (2)(11) 15.4 15.4 Wellington-AltusFinancial Inc. (15)(16) Wealth managementand advisory firm First lien seniorsecured loan 9.11% CORRA(Q) 5.00% 08/2024 08/2030 0.8 0.8 0.8 (2)(6)(11) Common stock 08/2024 46,562 1.6 1.6 (2)(6) 2.4 2.4 2,400.2 2,644.8 Commercial andProfessionalServices AccommodationsPlus TechnologiesLLC andAccommodationsPlus TechnologiesHoldings LLC (15) Provider ofoutsourced crewaccommodationsand logisticsmanagementsolutions to theairline industry Class A commonunits 05/2018 236,358 4.3 44.3 Aero Operating LLC Provider of snowremoval and meltingservice for airportsand marineterminals First lien seniorsecured loan 13.74% SOFR (Q) 9.00% 02/2020 02/2026 36.2 36.2 30.8 (2)(11) First lien seniorsecured loan 13.59% SOFR (Q) 9.00% 12/2021 02/2026 1.1 1.1 1.0 (2)(11) 37.3 31.8 AI Fire Buyer, Inc.and AI Fire ParentLLC (15) Provider of firesafety and life safetyservices First lien seniorsecured revolvingloan 12.00% Base Rate(Q) 4.50% 03/2021 03/2027 1.1 1.1 1.1 (2)(11)(14) First lien seniorsecured loan 10.46% SOFR (Q) 5.50% 03/2021 03/2027 3.9 3.9 3.9 (2)(11) First lien seniorsecured loan 10.17% SOFR (Q) 5.50% 06/2022 03/2027 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 10.66% SOFR (S) 5.75% 11/2023 03/2027 6.2 6.2 6.2 (2)(11) Second liensenior securedloan 14.97%PIK SOFR (Q) 10.75% 03/2021 09/2027 62.8 62.8 62.8 (2)(11) Second liensenior securedloan 15.25%PIK SOFR (Q) 10.75% 05/2022 09/2027 14.2 14.2 14.2 (2)(11) Second liensenior securedloan 15.24%PIK SOFR (S) 10.75% 06/2022 09/2027 13.7 13.7 13.7 (2)(11) Common units 03/2021 46,990 4.7 17.9 (2) F-108
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value 106.7 119.9 Aldinger CompanyInc (15) Provider ofoutsourcedcalibration andrepair services First lien seniorsecured loan 9.61% SOFR (M) 5.25% 07/2024 07/2027 32.0 32.0 31.7 (2)(11) AMCP CleanAcquisitionCompany, LLC (15) Provider ofcommercial laundryservices First lien seniorsecured loan 9.08% SOFR (Q) 4.75% 02/2024 06/2028 10.3 10.2 10.3 (2)(11) First lien seniorsecured loan 9.08% SOFR (M) 4.75% 11/2024 06/2028 0.4 0.3 0.3 (2)(11) 10.5 10.6 Applied TechnicalServices, LLC (15) Providerengineering, testing,and inspectionservices to variousindustrial,commercial andconsumercustomers First lien seniorsecured revolvingloan 12.25% Base Rate(Q) 4.75% 05/2022 12/2026 6.6 6.5 6.5 (2)(11) First lien seniorsecured loan 10.23% SOFR (Q) 5.75% 05/2022 12/2026 1.0 1.0 1.0 (2)(11) First lien seniorsecured loan 10.48% SOFR (Q) 6.00% 09/2023 12/2026 2.8 2.7 2.7 (2)(11) First lien seniorsecured loan 10.23% SOFR (Q) 5.75% 01/2024 12/2026 2.6 2.5 2.5 (2)(11) 12.7 12.7 ArgenbrightHoldings V, LLC,AmberstoneSecurity GroupLimited, UnifiAviation NorthAmerica LLC andUnifi AviationCanada, Inc. (15) Provider ofoutsourced securityguard services,outsourced facilitiesmanagement andoutsourced aviationservices First lien seniorsecured loan 10.06% SOFR (Q) 5.25% 04/2024 09/2028 53.2 53.2 53.2 (2)(6)(11) Seniorsubordinated loan 13.99%(7.00%PIK) SOFR (Q) 9.25% 11/2021 11/2028 0.7 0.7 0.7 (2)(6)(11) Seniorsubordinated loan 12.75% SOFR (Q) 8.25% 11/2021 11/2028 1.4 1.4 1.4 (2)(6)(11) Seniorsubordinated loan 13.96%(7.00%PIK) SOFR (Q) 9.25% 08/2022 11/2028 6.8 6.7 6.8 (2)(6)(11) 62.0 62.1 ATI Restoration,LLC (15) Provider of disasterrecovery services First lien seniorsecured revolvingloan 10.22% SOFR (Q) 5.50% 07/2020 07/2026 8.7 8.7 8.5 (2)(11)(14) First lien seniorsecured loan 10.17% SOFR (Q) 5.50% 07/2020 07/2026 32.3 32.3 31.7 (2)(11) First lien seniorsecured loan 10.09% SOFR (M) 5.50% 05/2022 07/2026 47.9 47.9 46.9 (2)(11) First lien seniorsecured loan 10.14% SOFR (Q) 5.50% 09/2023 07/2026 10.4 10.4 10.2 (2)(11) 99.3 97.3 CapstoneAcquisitionHoldings, Inc.,Capstone LogisticsHoldings, Inc. andCapstone ParentHoldings, LP (15) Outsourced supplychain solutionsprovider tooperators ofdistribution centers First lien seniorsecured revolvingloan 08/2024 05/2029 — — — (2)(11)(13) First lien seniorsecured loan 8.96% SOFR (M) 4.50% 08/2024 11/2029 6.6 6.6 6.6 (2)(11) Second lien seniorsecured loan 12.96% SOFR (M) 8.50% 08/2024 11/2030 87.5 87.5 87.5 (2)(11) Class A units 11/2020 10,581 7.3 16.0 (2) 101.4 110.1 Compex LegalServices, Inc. (15) Provider ofoutsourced litigatedand non-litigatedmedical recordsretrieval services First lien seniorsecured revolvingloan 10.11% SOFR (Q) 5.45% 05/2022 02/2025 1.8 1.8 1.8 (2)(11) First lien seniorsecured loan 10.73% SOFR (Q) 6.00% 07/2023 02/2026 1.9 1.9 1.9 (2)(11) 3.7 3.7 F-109
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Dorado Bidco, Inc.(15) Provider ofconsumer andmarket insights forthe food andbeverage industry First lien seniorsecured loan 9.08% SOFR (S) 4.50% 09/2024 09/2031 6.8 6.8 6.7 (2)(11) DP Flores Holdings,LLC (15) Benefitsadministrator of tax-advantagedreimbursement plans First lien seniorsecured loan 10.83%(3.00%PIK) SOFR (Q) 6.50% 09/2024 09/2030 27.3 27.3 26.7 (2)(11) Drogon Bidco Inc.& DrogonAggregator LP (15) Provider of firesafety and life safetyservices First lien seniorsecured loan 9.36% SOFR (M) 5.00% 08/2024 08/2031 19.8 19.8 19.7 (2)(11) Class A-2common units 08/2024 1,850,000 1.9 2.8 (2) 21.7 22.5 DTI Holdco, Inc.and OPE DTIHoldings, Inc. Provider of legalprocess outsourcingand managedservices Class A commonstock 08/2014 7,500 7.5 16.1 (2) Class B commonstock 08/2014 7,500 — — (2) 7.5 16.1 Duraserv LLC (15) Provider ofcommercial loadingdock maintenanceand remodelingservices First lien seniorsecured loan 8.90% SOFR (M) 4.50% 06/2024 06/2031 25.3 25.3 25.3 (2)(11) Elevation ServicesParent Holdings,LLC (15) Elevator serviceplatform First lien seniorsecured revolvingloan 10.68% SOFR (Q) 6.00% 12/2020 12/2026 2.2 2.2 2.1 (2)(11)(14) First lien seniorsecured loan 10.74% SOFR (Q) 6.00% 12/2020 12/2026 10.0 10.0 9.6 (2)(11) First lien seniorsecured loan 10.68% SOFR (Q) 6.00% 05/2022 12/2026 14.0 14.0 13.4 (2)(11) 26.2 25.1 FlyWheelAcquireco, Inc. (15) Professionalemployerorganizationoffering humanresources,compliance and riskmanagementservices First lien seniorsecured revolvingloan 10.86% SOFR (M) 6.50% 05/2023 05/2028 5.5 5.5 5.5 (2)(11) First lien seniorsecured loan 10.86% SOFR (M) 6.50% 05/2023 05/2030 52.0 52.0 52.0 (2)(11) 57.5 57.5 HH-Stella, Inc. andBedrock ParentHoldings, LP (15) Provider ofmunicipal solidwaste transfermanagementservices First lien seniorsecured revolvingloan 9.98% SOFR (Q) 5.50% 04/2021 04/2027 1.3 1.3 1.3 (2)(11)(14) First lien seniorsecured loan 9.98% SOFR (Q) 5.50% 04/2021 04/2028 8.8 8.8 8.8 (2)(11) First lien seniorsecured loan 9.99% SOFR (Q) 5.50% 09/2023 04/2028 21.8 21.8 21.8 (2)(11) First lien seniorsecured loan 9.98% SOFR (Q) 5.50% 04/2024 04/2028 4.4 4.4 4.4 (2)(11) Class A units 04/2021 32,982 3.3 3.3 (2) 39.6 39.6 HP RSS Buyer, Inc.(15) Provider of roadstriping, and roadsafety relatedservices First lien seniorsecured loan 9.33% SOFR (Q) 5.00% 12/2023 12/2029 17.0 17.0 17.0 (2)(11) First lien seniorsecured loan 9.08% SOFR (Q) 4.75% 03/2024 12/2029 1.8 1.8 1.8 (2)(11) 18.8 18.8 IRI Group Holdings,Inc., Circana, LLCand IRI-NPD Co-Invest Aggregator,L.P. (15) Market researchcompany focused onthe consumerpackaged goodsindustry First lien seniorsecured revolvingloan 9.36% SOFR (M) 5.00% 08/2022 12/2027 2.9 2.9 2.9 (2)(11)(14) First lien seniorsecured loan 9.69% SOFR (Q) 5.00% 08/2022 12/2028 150.7 150.7 150.7 (2)(11) 153.6 153.6 F-110
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value ISQ HawkeyeHoldco, Inc. andISQ HawkeyeHoldings, L.P. (15) Provider ofcommercial andindustrial wasteprocessing anddisposal services First lien seniorsecured revolvingloan 11.25% Base Rate(Q) 3.75% 08/2022 08/2030 0.7 0.7 0.7 (2)(11)(14) First lien seniorsecured loan 9.13% SOFR (M) 4.75% 08/2022 08/2031 4.9 4.9 4.9 (2)(11) First lien seniorsecured loan 9.25% SOFR (M) 4.75% 08/2024 08/2031 3.9 3.9 3.9 (2)(11) Class A units 09/2022 12,501 12.5 19.8 (2) 22.0 29.3 KellermeyerBergensonsServices, LLC andKBS TopCo, LLC(15) Provider ofjanitorial andfacilitiesmanagementservices First lien seniorsecured loan 9.99%(3.50%PIK) SOFR (Q) 5.25% 11/2019 11/2028 41.9 41.9 41.9 (2)(11) First lien seniorsecured loan 12.74%(7.00%PIK) SOFR (Q) 8.00% 12/2023 11/2028 13.8 13.0 13.8 (2)(11) Preferred units 03/2024 4,042,767 7.7 1.4 (2) Class A commonunits 03/2024 4,042,767 — — (2) 62.6 57.1 Kings Buyer, LLC(15) Provider ofcomprehensiveoutsourced wastemanagementconsolidationservices First lien seniorsecured revolvingloan 11.50% Base Rate(Q) 4.00% 09/2023 10/2027 0.4 0.4 0.4 (2)(11) First lien seniorsecured loan 9.68% SOFR (Q) 5.25% 09/2023 10/2027 16.3 16.3 16.3 (2)(11) 16.7 16.7 KPS Global LLCand Cool GroupLLC (15) Manufacturer ofwalk-in cooler andfreezer systems First lien seniorsecured loan 9.11% SOFR (M) 4.75% 09/2024 09/2030 5.2 5.2 5.1 (2)(11) Laboratories BidcoLLC andLaboratories TopcoLLC (15) Lab testing servicesfor nicotinecontaining products First lien seniorsecured revolvingloan 10.23%(4.00%PIK) SOFR (Q) 5.75% 07/2021 07/2029 0.6 0.6 0.5 (2)(11) First lien seniorsecured revolvingloan 12.25%(4.00%PIK) Base Rate(Q) 4.75% 07/2021 07/2029 9.5 9.5 7.6 (2)(11) First lien seniorsecured loan 9.07%(4.00%PIK) CORRA(Q) 6.50% 10/2019 07/2029 22.6 24.5 18.1 (2)(11) First lien seniorsecured loan 10.23%(4.00%PIK) SOFR (Q) 5.75% 10/2019 07/2029 17.0 17.0 13.6 (2)(11) First lien seniorsecured loan 10.23%(4.00%PIK) SOFR (Q) 5.75% 10/2020 07/2029 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 10.23%(4.00%PIK) SOFR (Q) 5.75% 07/2021 07/2029 4.5 4.5 3.6 (2)(11) Class A units 07/2021 3,099,335 4.6 — (2) 60.8 43.5 LBC WoodlandsPurchaser LLC andLBC WoodlandsHoldings LP (15) Provider of humanresources andworkforcemanagementsolutions First lien seniorsecured loan 10.09% SOFR (S) 5.00% 07/2024 07/2031 19.1 19.1 18.8 (2)(11) Class A commonunits 07/2024 1,205,000 1.2 1.1 (2) 20.3 19.9 Lightbeam Bidco,Inc. (15) Provider of yardmanagementservices First lien seniorsecured revolvingloan 05/2023 05/2029 — — — (2)(11)(13) First lien seniorsecured loan 9.33% SOFR (Q) 5.00% 05/2023 05/2030 5.2 5.2 5.2 (2)(11) First lien seniorsecured loan 9.37% SOFR (Q) 5.00% 11/2023 05/2030 3.4 3.4 3.4 (2)(11) 8.6 8.6 F-111
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value LJP Purchaser, Inc.and LJP Topco, LP(15) Provider of non-hazardous solidwaste and recyclingservices First lien seniorsecured loan 10.68% SOFR (M) 6.25% 09/2022 09/2028 9.6 9.6 9.6 (2)(11) Class A units 8.00%PIK 09/2022 5,098,000 6.2 6.8 (2) 15.8 16.4 Microstar LogisticsLLC, MicrostarGlobal AssetManagement LLC,MStar HoldingCorporation andKegstar USA Inc. Keg managementsolutions provider First lien seniorsecured loan 11.83% SOFR (Q) 7.50% 12/2024 12/2029 68.1 68.1 67.4 (2)(11) First lien seniorsecured loan 11.83% SOFR (Q) 7.50% 12/2024 12/2029 68.1 68.1 67.4 (2)(11) Series A preferredstock 20.00%PIK 08/2020 1,507 2.1 3.5 (2) Series B preferredstock 19.00%PIK 09/2023 12,000 15.2 16.8 (2) Common stock 12/2012 54,710 4.9 10.3 (2) 158.4 165.4 NAS, LLC andNationwideMarketing Group,LLC (15) Buying andmarketing servicesorganization forappliance, furnitureand consumerelectronics dealers First lien seniorsecured revolvingloan 11.21% SOFR (Q) 6.50% 11/2020 06/2025 1.5 1.5 1.5 (2)(11) First lien seniorsecured loan 11.24% SOFR (Q) 6.50% 11/2020 06/2025 6.1 6.1 6.0 (2)(11) First lien seniorsecured loan 11.24% SOFR (Q) 6.50% 12/2021 06/2025 2.3 2.3 2.2 (2)(11) First lien seniorsecured loan 11.24% SOFR (Q) 6.50% 05/2022 06/2025 1.3 1.3 1.3 (2)(11) 11.2 11.0 NBLY 2021-1 andKKR Nest Co-InvestL.P. Operator of multiplefranchise conceptsprimarily related tohome maintenanceor repairs Limited partnerinterest 09/2021 9,725,000 9.7 12.1 (2) Neptune Bidco USInc. and ElliottMetron Co-InvestorAggregator L.P. (15) Provider ofaudience insights,data and analytics toentertainmentindustry First lien seniorsecured revolvingloan 10/2022 10/2027 — — — (2)(13) First lien seniorsecured loan 9.51% SOFR (Q) 4.75% 10/2022 10/2028 80.7 76.2 72.1 (2)(11)(18) First lien seniorsecured loan 9.76% SOFR (Q) 5.00% 10/2022 04/2029 97.8 91.8 87.5 (2)(11)(18) First lien seniorsecured notes 9.29% 11/2022 04/2029 52.8 51.8 49.1 (2)(18) Second liensenior securedloan 14.51% SOFR (Q) 9.75% 10/2022 10/2029 227.5 227.4 216.2 (2)(11) Limitedpartnershipinterests 10/2022 4,040,000 4.1 6.1 (2) 451.3 431.0 North Haven StackBuyer, LLC (15) Provider ofenvironmentaltesting services First lien seniorsecured revolvingloan 9.71% SOFR (Q) 5.25% 07/2021 07/2027 1.3 1.3 1.3 (2)(11) First lien seniorsecured loan 9.78% SOFR (Q) 5.25% 07/2021 07/2027 9.7 9.7 9.7 (2)(11) First lien seniorsecured loan 9.58% SOFR (Q) 5.25% 08/2023 07/2027 4.0 4.0 4.0 (2)(11) First lien seniorsecured loan 9.74% SOFR (Q) 5.25% 06/2024 07/2027 2.2 2.2 2.2 (2)(11) First lien seniorsecured loan 9.36% SOFR (Q) 5.00% 06/2024 07/2027 3.9 3.8 3.9 (2)(11) 21.0 21.1 F-112
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Priority WasteHoldings LLC,Priority WasteHoldings IndianaLLC and PriorityWaste SuperHoldings, LLC Solid waste servicesprovider First lien seniorsecured loan 12.59%(2.00%PIK) SOFR (Q) 8.00% 08/2023 08/2029 34.5 34.1 32.8 (2)(11) First lien seniorsecured loan 12.59%(2.00%PIK) SOFR (Q) 8.00% 06/2024 08/2029 11.0 10.2 10.4 (2)(11) Warrant topurchase units ofClass A commonunits 08/2023 08/2036 38,235 0.6 6.0 (2) Warrant topurchase units ofClass A commonunits 06/2024 06/2036 6,400 0.9 1.0 (2) 45.8 50.2 Pritchard Industries,LLC and LJPritchard TopCoHoldings, LLC (15) Provider ofjanitorial andfacilitiesmanagementservices First lien seniorsecured loan 10.28% SOFR (Q) 5.75% 10/2021 10/2027 67.0 67.0 65.9 (2)(11) First lien seniorsecured loan 10.53% SOFR (S) 6.00% 11/2023 10/2027 12.2 12.2 12.2 (2)(11) Class A units 10/2021 8,749,201 9.0 7.7 (2) 88.2 85.8 PS OperatingCompany LLC andPS Op HoldingsLLC (5)(15) Specialty distributorand solutionsprovider to theswine and poultrymarkets First lien seniorsecured revolvingloan 12/2021 12/2026 6.8 6.4 2.6 (2)(10) First lien seniorsecured loan 12/2021 12/2026 17.2 15.5 6.5 (2)(10) Common unit 12/2021 279,200 7.4 — (2) 29.3 9.1 PSC Parent, Inc.(15) Provider ofoperational servicesfor USpetrochemical andrefining companies First lien seniorsecured revolvingloan 9.64% SOFR (M) 5.25% 04/2024 04/2030 3.4 3.4 3.4 (2)(11)(14) First lien seniorsecured loan 9.71% SOFR (M) 5.25% 04/2024 04/2031 49.4 49.4 49.4 (2)(11) 52.8 52.8 PYE-Barker Fire &Safety, LLC (15) Provider of fireprotection servicesand products First lien seniorsecured revolvingloan 8.83% SOFR (Q) 4.50% 05/2024 05/2030 0.5 0.5 0.5 (2)(11) First lien seniorsecured loan 8.83% SOFR (Q) 4.50% 05/2024 05/2031 12.7 12.7 12.7 (2)(11) 13.2 13.2 R2 AcquisitionCorp. Marketing services Common stock 05/2007 250,000 0.2 0.3 (2) RC V TecmoInvestor LLC Technology basedaggregator forfacility maintenanceservices Common memberunits 08/2020 9,624,000 8.3 16.0 (2) RE CommunityHoldings GP, LLCand RE CommunityHoldings, LP Operator ofmunicipal recyclingfacilities Limitedpartnershipinterest 03/2011 2.49% — — (2) Limitedpartnershipinterest 03/2011 2.86% — — (2) — — RegistrarIntermediate, LLCand PSP RegistrarCo-InvestmentFund, L.P. (15) Provider of FDAregistration andconsulting services First lien seniorsecured revolvingloan 9.55% SOFR (M) 5.00% 08/2021 08/2027 5.4 5.4 5.4 (2)(11) First lien seniorsecured loan 9.66% SOFR (Q) 5.00% 08/2021 08/2027 2.7 2.7 2.7 (2)(11) Limited partnerinterests 08/2021 1.13% 2.7 2.7 (2) 10.8 10.8 F-113
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Research NowGroup, LLC andDynata, LLC andNew InsightHoldings, Inc. Provider ofoutsourced datacollection to themarket researchindustry Common units 07/2024 49 — — (2) Warrants topurchase sharesof common stock 07/2024 07/2028 142 — — (2) — — RodeoAcquisitionCo LLC(15) Provider of foodinspection andrecovery services First lien seniorsecured revolvingloan 10.17% SOFR (Q) 5.50% 07/2021 07/2027 1.0 1.0 1.0 (2)(11) First lien seniorsecured loan 10.16% SOFR (Q) 5.50% 07/2021 07/2027 16.6 16.6 16.6 (2)(11) 17.6 17.6 Saturn PurchaserCorp. Private aviationmanagementcompany First lien seniorsecured loan 9.81% SOFR (Q) 5.25% 07/2023 07/2029 1.7 1.7 1.7 (2)(11) Schill Landscapingand Lawn CareServices LLC,Tender Lawn CareULC and LandscapeParallel Partners,L.P. (15)(16) Provider oflandscape designand planning, andsnow removalservices First lien seniorsecured revolvingloan 10.21% SOFR (M) 5.75% 12/2021 12/2027 0.6 0.6 0.6 (2)(11) First lien seniorsecured loan 10.21% SOFR (M) 5.75% 12/2021 12/2027 3.4 3.4 3.4 (2)(11) Class A units 12/2021 8,464 21.5 31.4 (2) 25.5 35.4 ShermcoIntermediateHoldings, Inc. (15) Provider ofelectrician services First lien seniorsecured revolvingloan 9.90% SOFR (Q) 5.00% 05/2022 12/2026 2.3 2.2 2.3 (2) First lien seniorsecured loan 10.09% SOFR (S) 5.00% 05/2022 12/2026 5.1 5.1 5.1 (2)(11) First lien seniorsecured loan 9.60% SOFR (S) 5.00% 09/2023 12/2026 1.3 1.3 1.3 (2)(11) 8.6 8.7 SSE Buyer, Inc.,Supply SourceEnterprises, Inc.,Impact ProductsLLC, The SafetyZone, LLC and SSEParent, LP Manufacturer anddistributor ofpersonal protectionequipment,commercialcleaning,maintenance andsafety products Limitedpartnership classA-1 units 06/2020 2,173 1.1 — (2) Limitedpartnership classA-2 units 06/2020 2,173 1.1 — (2) 2.2 — Startec Equity, LLC(5) Communicationservices Member interest 04/2010 190,581 — — SV Newco 2, Inc.and Site 2020Incorporated (15) Provider ofoutsourced trafficcontrol safetyservices First lien seniorsecured loan 9.26% SOFR (Q) 4.75% 05/2024 06/2031 22.5 22.5 22.5 (2)(6)(11) Systems Planningand Analysis, Inc.(15) Provider of systemsengineering andtechnical assistance First lien seniorsecured loan 9.28% SOFR (S) 5.00% 05/2022 08/2027 1.0 1.0 1.0 (2)(11) The HillerCompanies, LLC(15) Provider of fireprotection and lifesafety products First lien seniorsecured loan 9.36% SOFR (M) 5.00% 06/2024 06/2030 41.5 41.5 41.5 (2)(11) ThermostatPurchaser III, Inc.(15) Provider ofcommercial HVACequipmentmaintenance andrepair services First lien seniorsecured revolvingloan 8.11% SOFR (Q) 3.50% 08/2021 08/2028 2.4 2.4 2.4 (2)(14) First lien seniorsecured revolvingloan 10.00% Base Rate(Q) 2.50% 08/2021 08/2028 1.2 1.2 1.2 (2)(14) Second liensenior securedloan 11.91% SOFR (Q) 7.25% 08/2021 08/2029 23.0 23.0 23.0 (2)(11) 26.6 26.6 F-114
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value TSS Buyer, LLC(15) Provider ofoutsourced testing,inspection,certification, andcompliance servicesto healthcare andlife sciences endmarkets First lien seniorsecured loan 10.23% SOFR (M) 5.50% 07/2023 06/2029 2.1 2.1 2.1 (2)(11) UP Intermediate IILLC and UPBWBlocker LLC (15) Provider ofessentialmechanical,electrical andplumbing servicesto commercialcustomers First lien seniorsecured revolvingloan 03/2024 03/2030 — — — (2)(11)(13) First lien seniorsecured loan 9.58% SOFR (Q) 5.25% 03/2024 03/2031 4.8 4.8 4.8 (2)(11) Common units 03/2024 60,470 6.0 5.5 (2) Common units 09/2024 3,918 0.3 0.4 (2) 11.1 10.7 Valcourt HoldingsII, LLC and JobsHoldings, Inc. (15) Provider of windowcleaning andbuilding facademaintenance andrestoration services First lien seniorsecured loan 10.43% SOFR (Q) 5.75% 11/2023 11/2029 55.9 55.9 55.9 (2)(11) Visual EdgeTechnology, Inc. (5)(15) Provider ofoutsourced officesolutions with afocus on printer andcopier equipmentand other parts andsupplies First lien seniorsecured loan 11.66%(1.25%PIK) SOFR (Q) 7.00% 07/2023 12/2025 33.6 33.3 33.6 (2)(11) Senior preferredstock 10.00%PIK 07/2023 4,737 47.2 45.1 (2) Junior preferredstock 07/2023 6,600 — — (2) Warrant topurchase shares ofcommon stock 08/2017 08/2030 10,358,572 3.9 — (2) 84.4 78.7 VRC Companies,LLC (15) Provider of recordsand informationmanagementservices Seniorsubordinated loan 12.00%(2.00%PIK) 05/2022 06/2028 5.2 5.3 5.2 (2) W.S. Connelly &Co., LLC and WSCUltimate Holdings,LLC (15) Provider ofagronomicsproducts forlandscapers,contractors and golfcourse end users First lien seniorsecured loan 9.58% SOFR (Q) 5.25% 05/2024 05/2030 17.3 17.3 17.1 (2)(11) Class A preferredunits 10.00%PIK 05/2024 9,260 1.0 0.9 Class A commonunits 05/2024 862 — — 18.3 18.0 Wash EncoreHoldings, LLC Provider ofoutsourcedhealthcare linenmanagementsolutions First lien seniorsecured loan 10.96% SOFR (M) 6.50% 07/2021 07/2027 96.5 96.5 96.5 (2)(11) First lien seniorsecured loan 10.96% SOFR (M) 6.50% 07/2024 07/2027 16.6 16.4 16.6 (2)(11) 112.9 113.1 XIFIN, Inc. andACP Charger Co-Invest LLC (15) Revenue cyclemanagementprovider to labs First lien seniorsecured revolvingloan 11.23% SOFR (Q) 6.75% 02/2020 02/2026 5.7 5.7 5.3 (2)(11) First lien seniorsecured loan 11.23% SOFR (Q) 6.75% 07/2021 02/2026 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 11.23% SOFR (Q) 6.75% 12/2021 02/2026 37.0 36.8 34.4 (2)(11) Class A units 02/2020 180,000 1.8 1.7 (2) Class B units 12/2021 46,363 0.9 0.8 (2) Class C units 06/2024 238 0.2 0.2 (2) 45.5 42.5 F-115
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Zinc BuyerCorporation andMarmic Fire &Safety Co., Inc. (15) Provider ofrecurring fireprotection services First lien seniorsecured revolvingloan 07/2024 07/2031 — — — (2)(11)(13) First lien seniorsecured loan 9.08% SOFR (Q) 4.75% 07/2024 07/2031 37.7 37.7 37.3 (2)(11) 37.7 37.3 2,486.8 2,510.0 Insurance Accession RiskManagement Group,Inc. and RSCInsuranceBrokerage, Inc. (15) Insurance broker First lien seniorsecured loan 9.32% SOFR (Q) 4.75% 11/2019 11/2029 37.6 37.5 37.6 (2)(11) First lien seniorsecured loan 9.26% SOFR (Q) 4.75% 08/2023 11/2029 10.2 10.3 10.2 (2)(11) First lien seniorsecured loan 9.15% SOFR (Q) 4.75% 11/2023 11/2029 0.3 0.3 0.3 (2)(11) First lien seniorsecured loan 9.33% SOFR (Q) 4.75% 08/2024 11/2029 2.2 2.2 2.2 (2)(11) 50.3 50.3 Acrisure, LLC Independentproperty andcasualty insurancebrokerage First lien seniorsecured loan 7.36% SOFR (M) 3.00% 10/2023 11/2030 0.2 0.2 0.2 (2)(18) Alera Group, Inc.(15) Insurance serviceprovider First lien seniorsecured loan 9.61% SOFR (M) 5.25% 09/2021 10/2028 46.0 46.0 46.0 (2)(11) First lien seniorsecured loan 10.09% SOFR (M) 5.75% 11/2023 10/2028 11.3 11.3 11.3 (2)(11) 57.3 57.3 AQ Sunshine, Inc.(15) Specializedinsurance broker First lien seniorsecured revolvingloan 9.58% SOFR (Q) 5.25% 07/2024 07/2030 1.1 1.1 1.0 (2)(11)(14) First lien seniorsecured loan 10.33% SOFR (Q) 5.25% 07/2024 07/2031 102.7 102.7 101.7 (2)(11) 103.8 102.7 Ardonagh Midco 2plc and ArdonaghMidco 3 plc Insurance brokerand underwritingservicer First lien seniorsecured loan 8.39% Euribor (S) 4.75% 02/2024 02/2031 25.2 26.3 25.2 (2)(6) First lien seniorsecured loan 9.90% SOFR (S) 4.75% 02/2024 02/2031 76.6 76.6 76.6 (2)(6)(11) 102.9 101.8 Benecon Midco IILLC and BeneconHoldings, LLC (15) Employee benefitsprovider for smalland mid-sizeemployers First lien seniorsecured loan 9.82% SOFR (Q) 5.50% 01/2024 01/2031 83.1 83.1 83.1 (2)(11) Class A units 01/2024 7,796,550 27.1 28.9 110.2 112.0 Captive ResourcesMidco, LLC (15) Provider ofindependentconsulting servicesto member-ownedgroup captives First lien seniorsecured loan 9.11% SOFR (M) 4.75% 07/2022 07/2029 6.0 6.0 6.0 (2)(11) Daylight Beta ParentLLC and CFCo,LLC (4) Health insurancesales platformprovider First lien seniorsecured loan 09/2023 09/2033 13.2 12.0 2.5 (2)(10) First lien seniorsecured loan 09/2023 09/2038 20.8 0.5 — (2) Class B units 09/2023 32,391,330 — — (2) 12.5 2.5 Diamond Mezzanine24 LLC (15) Property andcasualty insuranceunderwriting anddistributionplatform First lien seniorsecured revolvingloan 11.50% Base Rate(Q) 4.00% 10/2024 10/2030 1.0 1.0 1.0 (2)(11) First lien seniorsecured loan 9.59% SOFR (Q) 5.00% 10/2024 10/2030 14.0 14.0 13.8 (2)(11) 15.0 14.8 F-116
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value DOXA InsuranceHoldings LLC andRocket Co-Invest,SLP (15)(16) Managing generalagent insurancedistributionplatform First lien seniorsecured loan 9.67% SOFR (Q) 5.25% 12/2023 12/2030 17.1 17.1 17.1 (2)(6)(11) Limitedpartnershipinterest 03/2024 1,348,309 1.3 1.8 (2)(6) 18.4 18.9 Foundation RiskPartners, Corp. (15) Full serviceindependentinsurance agency First lien seniorsecured loan 9.58% SOFR (Q) 5.25% 10/2021 10/2030 78.6 78.6 78.6 (2)(11) First lien seniorsecured loan 9.58% SOFR (Q) 5.25% 04/2022 10/2030 9.3 9.3 9.3 (2)(11) First lien seniorsecured loan 9.58% SOFR (Q) 5.25% 11/2023 10/2030 17.4 17.4 17.4 (2)(11) First lien seniorsecured loan 9.58% SOFR (Q) 5.25% 05/2024 10/2030 8.4 8.4 8.4 (2)(11) 113.7 113.7 Galway BorrowerLLC (15) Insurance serviceprovider First lien seniorsecured revolvingloan 8.82% SOFR (Q) 4.50% 09/2021 09/2028 0.9 0.9 0.9 (2)(11)(14) First lien seniorsecured loan 8.83% SOFR (S) 4.50% 09/2021 09/2028 31.3 31.3 31.3 (2)(11) 32.2 32.2 Gestion ABS BidcoInc. / ABS BidcoHoldings Inc. (15) Insurance broker First lien seniorsecured loan 8.54% CORRA(Q) 5.25% 03/2024 03/2031 9.3 9.8 9.3 (2)(6)(11) HigginbothamInsurance Agency,Inc. (15) Independent retailinsurance broker First lien seniorsecured loan 8.86% SOFR (M) 4.50% 08/2023 11/2028 5.3 5.3 5.3 (2)(11) First lien seniorsecured loan 9.11% SOFR (M) 4.75% 03/2024 11/2028 1.5 1.5 1.5 (2)(11) Series A preferredshares 11.00%PIK 12/2024 1,000 1.0 1.0 (2) 7.8 7.8 High Street Buyer,Inc. and High StreetHoldco LLC (15)(16) Insurancebrokerage platform First lien seniorsecured loan 9.58% SOFR (Q) 5.25% 04/2021 04/2028 22.3 22.3 22.3 (2)(11) First lien seniorsecured loan 9.58% SOFR (Q) 5.25% 08/2021 04/2028 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 9.67% SOFR (Q) 5.25% 02/2022 04/2028 28.8 28.8 28.8 (2)(11) Series A preferredunits 10.00%PIK 04/2021 172,211,694 224.7 222.5 (2) Series A preferredunits 10.00%PIK 12/2023 20,106,667 22.4 22.2 (2) Series A preferredunits 10.00%PIK 04/2024 1,386,667 1.5 1.5 (2) Series A preferredunits 10.00%PIK 07/2024 4,506,667 4.7 4.7 (2) Series A commonunits 10.00%PIK 04/2021 5,562,381 9.1 15.2 (2) Series C commonunits 10.00%PIK 04/2021 10,043,368 2.7 27.4 (2) 316.3 344.7 Inszone Mid, LLCand INSZ Holdings,LLC (15) Insurancebrokerage firm First lien seniorsecured loan 10.06% SOFR (Q) 5.75% 12/2023 11/2029 24.7 24.7 24.7 (2)(11) First lien seniorsecured loan 12.25% Base Rate(Q) 4.75% 12/2023 11/2029 0.1 0.1 0.1 (2)(11) Limitedpartnershipinterests 11/2022 2,146,088 1.7 2.7 Common units 11/2023 8,473,000 8.5 10.7 35.0 38.2 Keystone AgencyPartners LLC (15) Insurancebrokerage platform First lien seniorsecured revolvingloan 9.33% SOFR (Q) 5.00% 12/2023 05/2027 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 9.33% SOFR (Q) 5.00% 12/2023 05/2027 12.0 11.9 12.0 (2)(11) F-117
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value First lien seniorsecured loan 9.33% SOFR (Q) 5.00% 08/2024 05/2027 6.5 6.4 6.5 (2)(11) 18.4 18.6 OakBridgeInsurance AgencyLLC and MapleAcquisitionHoldings, LP (15) Insurance brokerageplatform First lien seniorsecured revolvingloan 10.09% SOFR (M) 5.75% 11/2023 11/2029 0.2 0.2 0.2 (2)(11) First lien seniorsecured loan 10.23% SOFR (M) 5.75% 11/2023 11/2029 8.8 8.8 8.8 (2)(11) Class A-2 units 11/2023 115,928 2.3 2.1 (2) 11.3 11.1 OneDigitalBorrower LLC (15) Benefits broker andoutsourcedworkflowautomation platformprovider for brokers First lien seniorsecured revolvingloan 11/2020 05/2027 — — — (2)(13) Patriot GrowthInsurance Services,LLC (15) National retailinsurance agency First lien seniorsecured revolvingloan 9.46% SOFR (M) 5.00% 10/2021 10/2028 1.1 1.1 1.1 (2)(11) First lien seniorsecured loan 9.48% SOFR (Q) 5.00% 10/2021 10/2028 15.7 15.5 15.7 (2)(11) 16.6 16.8 People Corporation(15) Provider of groupbenefits, groupretirement andhuman resourcesservices First lien seniorsecured revolvingloan 9.25% CORRA(Q) 5.25% 02/2021 02/2027 3.5 3.7 3.5 (2)(6)(11) First lien seniorsecured loan 9.06% CORRA(Q) 5.25% 02/2021 02/2028 40.4 45.7 40.4 (2)(6)(11) First lien seniorsecured loan 9.06% CORRA(Q) 5.25% 09/2021 02/2028 23.6 25.4 23.6 (2)(6)(11) First lien seniorsecured loan 9.05% CORRA(Q) 5.25% 09/2023 02/2028 11.5 12.1 11.5 (2)(6)(11) 86.9 79.0 Riser Topco II, LLC(15) Insurance programadministrator First lien seniorsecured loan 10.70% SONIA (Q) 6.00% 10/2023 10/2029 1.1 1.0 1.1 (2)(11) First lien seniorsecured loan 10.33% SOFR (Q) 6.00% 10/2023 10/2029 7.5 7.5 7.5 (2)(11) First lien seniorsecured loan 9.46% SOFR (S) 5.00% 05/2024 10/2029 9.0 9.0 9.0 (2)(11) First lien seniorsecured loan 9.70% SONIA (Q) 5.00% 05/2024 10/2029 3.0 3.0 2.9 (2)(11) 20.5 20.5 SageSure Holdings,LLC and SageSureLLC (15) Insurance serviceprovider First lien seniorsecured loan 9.59% SOFR (Q) 5.00% 08/2024 01/2030 26.0 26.0 26.0 (2)(11) Series A units 02/2022 886 19.6 74.5 45.6 100.5 SCM InsuranceServices Inc. (15) Provider of claimsmanagement, claimsinvestigation &support and riskmanagementsolutions for theCanadian propertyand casualtyinsurance industry First lien seniorsecured loan 9.57% CORRA(Q) 6.25% 06/2022 08/2026 19.2 20.4 19.2 (2)(6)(11) SelectQuote, Inc.and SQ ABS Issuer,LLC Direct to consumerinsurancedistributionplatform First lien seniorsecured notes 9.65% 10/2024 10/2039 1.8 1.8 1.8 (2) First lien seniorsecured notes 7.80% 10/2024 10/2039 2.7 2.7 2.7 (2) First lien seniorsecured loan 13.96%(3.00%PIK) SOFR (M) 9.50% 10/2024 09/2027 16.9 15.5 15.4 (2)(11) Warrant topurchase sharesof common stock 10/2024 10/2028 179,068 — — (2) 20.0 19.9 SG Acquisition, Inc.(15) Provider ofinsurance solutionsfor car sales First lien seniorsecured loan 9.36% SOFR (Q) 4.75% 04/2024 04/2030 47.0 47.0 47.0 (2)(11) F-118
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value SIG ParentHoldings, LLC (15) Independentinsurance brokerage First lien seniorsecured loan 9.36% SOFR (M) 5.00% 08/2024 08/2031 56.4 56.4 55.9 (2)(11) Spring InsuranceSolutions, LLC Technology-baseddirect to consumersales and marketingplatform forinsurance products First lien seniorsecured loan 10.98% SOFR (Q) 6.50% 11/2020 11/2025 21.8 21.6 20.1 (2)(11) THG Acquisition,LLC (15) Multi-line insurancebroker First lien seniorsecured revolvingloan 9.11% SOFR (M) 4.75% 10/2024 10/2031 1.6 1.6 1.6 (2)(11)(14) First lien seniorsecured loan 9.11% SOFR (M) 4.75% 10/2024 10/2031 143.4 143.4 141.9 (2)(11) 145.0 143.5 Truist InsuranceHoldings, LLC andMcGriff InsuranceServices, LLC (15) Insurance brokeragefirm First lien seniorsecured loan 7.08% SOFR (Q) 2.75% 03/2024 05/2031 0.1 0.1 0.1 (2)(18) World InsuranceAssociates, LLC andWorld AssociatesHoldings, LLC (15) Insurance serviceprovider First lien seniorsecured loan 10.08% SOFR (Q) 5.75% 10/2023 04/2028 8.9 8.9 8.9 (2)(11) 1,510.1 1,573.5 ConsumerDistribution andRetail Balrog Acquisition,Inc., Balrog Topco,Inc. and BalrogParent, L.P. Manufacturer anddistributor ofspecialty bakeryingredients First lien seniorsecured loan 9.28% SOFR (Q) 4.50% 07/2023 09/2028 16.3 16.3 16.3 (2)(11) Second liensenior securedloan 11.78% SOFR (Q) 7.00% 09/2021 09/2029 29.5 29.5 29.5 (2)(11) Class A preferredunits 8.00%PIK 09/2021 08/2051 5,484 7.1 11.4 (2) Series A preferredshares 11.00%PIK 09/2021 08/2051 21,921 31.6 31.6 (2) 84.5 88.8 Bamboo Purchaser,Inc. Provider of nursery,garden, andgreenhouseproducts First lien seniorsecured loan 10.98% SOFR (Q) 6.50% 11/2021 11/2027 17.6 17.6 15.8 (2)(11) BGI Purchaser, Inc.(15) Developer andmanufacturer ofcustomized naturaland clean flavoringsfor the food &beverage endmarket First lien seniorsecured revolvingloan 8.51% SOFR (Q) 4.00% 05/2024 05/2030 10.5 10.5 10.5 (2)(11) First lien seniorsecured loan 9.51% SOFR (Q) 5.00% 05/2024 05/2031 41.2 41.2 41.2 (2)(11) 51.7 51.7 BR PJK Produce,LLC Specialty producedistributor First lien seniorsecured loan 10.71% SOFR (Q) 6.25% 12/2023 11/2027 4.0 4.0 4.0 (2)(11) First lien seniorsecured loan 10.99% SOFR (Q) 6.25% 09/2024 11/2027 0.7 0.7 0.7 (2)(11) 4.7 4.7 BradyPlus Holdings,LLC (15) Distributor offoodservicedisposables andjanitorial sanitationproducts First lien seniorsecured loan 9.52% SOFR (M) 5.00% 10/2023 10/2029 127.9 127.9 127.9 (2)(11) First lien seniorsecured loan 9.40% SOFR (Q) 5.00% 10/2023 10/2029 0.8 0.8 0.8 (2)(11) 128.7 128.7 City LineDistributors LLCand City LineInvestments LLC(15) Specialty fooddistributor First lien seniorsecured loan 10.48% SOFR (M) 6.00% 08/2023 08/2028 4.4 4.4 4.4 (2)(11) Class A units 8.00%PIK 08/2023 4,172,852 4.6 4.5 (2) 9.0 8.9 F-119
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value DecoPac, Inc. andKCAKE HoldingsInc. (15) Supplier of cakedecorating solutionsand products to in-store bakeries First lien seniorsecured revolvingloan 9.86% SOFR (M) 5.50% 05/2021 05/2030 4.6 4.6 4.6 (2)(11) First lien seniorsecured loan 9.83% SOFR (Q) 5.50% 09/2024 05/2030 171.8 171.8 171.8 (2)(11) Common stock 05/2021 9,599 7.4 12.0 (2) 183.8 188.4 Display HoldingCompany, Inc.,Saldon Holdings,Inc. and FastsignsHoldings Inc. (15) Provider of visualcommunicationssolutions First lien seniorsecured revolvingloan 10.46% SOFR (M) 6.00% 03/2019 03/2026 0.6 0.6 0.6 (2)(11) First lien seniorsecured loan 10.46% SOFR (M) 6.00% 03/2019 03/2026 15.4 15.4 15.4 (2)(11) First lien seniorsecured loan 10.46% SOFR (M) 6.00% 08/2019 03/2026 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 10.46% SOFR (M) 6.00% 06/2021 03/2026 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 10.46% SOFR (M) 6.00% 01/2024 03/2026 8.1 8.1 8.1 (2)(11) Common units 03/2019 600 0.6 1.8 (2) 24.9 26.1 FS Squared HoldingCorp. and FSSquared, LLC (15) Provider of on-sitevending and micromarket solutions First lien seniorsecured revolvingloan 9.11% SOFR (M) 4.75% 12/2024 12/2030 5.2 5.2 5.1 (2)(11)(14) First lien seniorsecured loan 9.11% SOFR (M) 4.75% 12/2024 12/2030 52.7 52.7 51.8 (2)(11) Class A units 03/2019 113,219 11.1 39.3 (2) 69.0 96.2 GPM Investments,LLC and ARKOCorp. Convenience storeoperator Common stock 12/2020 2,088,478 19.8 13.7 (18) Warrant topurchase commonstock 12/2020 12/2025 1,088,780 1.6 0.5 (2)(18) 21.4 14.2 Hills Distribution,Inc., HillsIntermediate FTHoldings, LLC andGMP Hills, LP (15) Distributor ofHVAC, plumbing,and water heaterequipment, parts,supplies and fixtures First lien seniorsecured revolvingloan 8.90% SOFR (M) 4.50% 11/2023 11/2029 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 10.39% SOFR (M) 6.00% 11/2023 11/2029 5.2 5.2 5.2 (2)(11) Limitedpartnershipinterest 11/2023 5,441,000 5.9 5.4 (2) 11.2 10.7 JWC/KI Holdings,LLC Foodservice salesand marketingagency Membership units 11/2015 5,000 5.0 13.2 (2) LJ Perimeter Buyer,Inc. and LJPerimeter Co-Invest,L.P. (16) Distributor ofspecialty foods First lien seniorsecured loan 11.21% SOFR (Q) 6.50% 10/2022 10/2028 39.4 39.4 37.9 (2)(11) Limitedpartnershipinterests 10/2022 9,683,991 9.7 5.3 (2) 49.1 43.2 MarconeYellowstone BuyerInc. and MarconeYellowstoneHoldings, LLC Distributor of OEMapplianceaftermarket parts First lien seniorsecured loan 11.74%(3.25%PIK) SOFR (Q) 7.00% 06/2021 06/2028 0.4 0.4 0.3 (2)(11) First lien seniorsecured loan 11.74%(3.25%PIK) SOFR (Q) 7.00% 12/2021 06/2028 0.2 0.2 0.2 (2)(11) Class A commonunits 06/2021 5,796 6.1 0.4 (2) 6.7 0.9 F-120
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Mavis Tire ExpressServices TopcoCorp., MetisHoldCo, Inc., andMetis TopCo, LP(15) Auto parts retailer First lien seniorsecured revolvingloan 7.60% SOFR (M) 3.25% 05/2021 05/2026 18.4 18.4 18.4 (2)(14) Series A preferredstock 7.00%PIK 05/2021 68,601 88.4 88.4 (2) Class A-1 units 05/2021 24,586 24.6 34.6 (2) 131.4 141.4 McKenzie CreativeBrands, LLC (15) Designer,manufacturer anddistributor ofhunting-relatedsupplies First lien seniorsecured revolvingloan 11.21% SOFR (M) 6.75% 09/2014 09/2025 1.4 1.4 1.4 (2)(11) First lien seniorsecured loan 11.21% SOFR (M) 6.75% 09/2014 09/2025 84.5 84.5 84.5 (2)(8)(11) First lien seniorsecured loan 11.21% SOFR (M) 6.75% 09/2014 09/2025 5.5 5.5 5.5 (2)(11) 91.4 91.4 Monolith BrandsGroup, Inc. E-commerceplatform focused onconsolidating DTCbranded businesses Series A-1preferred stock 04/2022 701,255 15.5 — (2) Moon ValleyNursery of ArizonaRetail, LLC, MoonValley Nursery FarmHoldings, LLC,Moon ValleyNursery REHoldings LLC, andStonecourt IVPartners, LP Operator of retailand wholesale treeand plant nurseries Limitedpartnershipinterests 10/2021 21,939,152 20.8 28.9 Mountaineer MergerCorporation (15) Discount retailerthat specialized inapparel,housewares,accessories, and aselection of otherproducts First lien seniorsecured revolvingloan 9.33% SOFR (Q) 5.00% 10/2024 10/2027 9.7 9.5 9.5 (2) Mr. GreensIntermediate, LLC,Florida VegInvestments LLC,MRG Texas, LLCand RestaurantProduce andServices Blocker,LLC (15) Produce distributionplatform First lien seniorsecured revolvingloan 05/2023 05/2029 — — — (2)(11)(13) First lien seniorsecured loan 10.75% SOFR (M) 6.25% 05/2023 05/2029 9.6 9.6 9.6 (2)(11) Class B limitedliability companyinterest 05/2023 3.64% 9.6 8.3 (2) 19.2 17.9 North Haven FalconBuyer, LLC andNorth Haven FalconHolding Company,LLC Manufacturer ofaftermarket golf cartparts andaccessories First lien seniorsecured loan 05/2021 05/2027 27.6 27.2 18.0 (2)(10) Class A units 05/2021 50,000 5.0 — 32.2 18.0 Phoenix YW Buyer,Inc. and PhoenixYW Parent, Inc. (15) Distributor andmarketer ofpersonal careproducts First lien seniorsecured loan 9.33% SOFR (M) 5.00% 05/2024 05/2030 54.9 54.9 54.9 (2)(6)(11) Class B commonstock 8.00%PIK 05/2024 2,215 2.2 3.9 (2)(6) 57.1 58.8 Reddy Ice LLC (15) Packaged icemanufacturer anddistributor First lien seniorsecured revolvingloan 04/2024 04/2029 — — — (2)(11)(13) First lien seniorsecured loan 9.34% SOFR (S) 4.75% 04/2024 04/2029 273.5 273.5 273.5 (2)(11) 273.5 273.5 F-121
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Royal Borrower,LLC and RoyalParent, LP (15) Distributor of freshproduce and dairyproducts First lien seniorsecured revolvingloan 07/2024 07/2030 — — — (2)(11)(13) First lien seniorsecured loan 9.77% SOFR (M) 5.25% 07/2024 07/2030 20.9 20.9 20.6 (2)(11) Class A preferredunits 10.00%PIK 07/2024 2,255,000 2.4 4.2 23.3 24.8 SCIH Salt HoldingsInc. (15) Salt and packagedice meltmanufacturer anddistributor First lien seniorsecured revolvingloan 8.03% CORRA(S) 3.50% 03/2020 11/2028 4.1 4.1 4.1 (2)(11) First lien seniorsecured revolvingloan 8.03% SOFR (Q) 3.50% 03/2020 11/2028 2.1 2.0 2.1 (2)(11) 6.1 6.2 SFE IntermediateHoldco LLC Provider ofoutsourcedfoodservice to K-12school districts First lien seniorsecured loan 10.48% SOFR (Q) 6.00% 07/2017 07/2026 6.1 6.1 6.1 (2)(11) First lien seniorsecured loan 10.48% SOFR (Q) 6.00% 09/2018 07/2026 9.8 9.8 9.8 (2)(11) First lien seniorsecured loan 10.48% SOFR (Q) 6.00% 03/2022 07/2026 0.4 0.4 0.4 (2)(11) 16.3 16.3 Shur-CoAcquisition, Inc. andShur-Co Holdco,Inc. Provider of tarpsystems andaccessories fortrucks, trailers,carts, and specialtyequipment used inthe agriculture,construction andflatbed markets First lien seniorsecured loan 9.86% SOFR (M) 5.50% 06/2021 07/2030 31.4 31.4 31.4 (2)(11) First lien seniorsecured loan 9.86% SOFR (M) 5.50% 06/2022 07/2030 0.5 0.5 0.5 (2)(11) First lien seniorsecured loan 9.86% SOFR (M) 5.50% 03/2023 07/2030 6.1 6.1 6.1 (2)(11) First lien seniorsecured loan 9.86% SOFR (M) 5.50% 05/2024 07/2030 12.7 12.7 12.7 (2)(11) First lien seniorsecured loan 9.95% SOFR (M) 5.50% 08/2024 07/2030 5.4 5.4 5.4 (2)(11) Common stock 06/2021 75,990 7.6 16.3 (2) 63.7 72.4 US Salt Investors,LLC and EmeraldLake PearlAcquisition-A, L.P.(15) Producer andpackager ofcompressed,household, andpackaged salt First lien seniorsecured loan 9.73% SOFR (Q) 5.25% 07/2021 07/2028 25.3 25.3 25.3 (2)(11) Limited partnerinterests 07/2021 0.42% 0.8 1.2 (2) 26.1 26.5 Worldwide ProduceAcquisition, LLCand REP WWPCoinvest IV, L.P.(15)(16) Fresh and specialtyfood distributor First lien seniorsecured revolvingloan 02/2023 01/2029 — — — (2)(11)(13) First lien seniorsecured loan 10.50% SOFR (Q) 6.25% 02/2023 01/2029 8.2 8.2 7.9 (2)(11) Common units 01/2023 1,673,000 1.7 0.4 9.9 8.3 ZB Holdco LLC andZB TopCo LLC (15) Distributor ofMediterranean foodand beverages First lien seniorsecured revolvingloan 9.98% SOFR (Q) 5.50% 02/2022 02/2028 5.0 5.0 5.0 (2)(11)(14) First lien seniorsecured loan 9.98% SOFR (Q) 5.50% 02/2022 02/2028 0.2 0.2 0.2 (2)(11) First lien seniorsecured loan 10.00% SOFR (Q) 5.50% 08/2023 02/2028 8.6 8.6 8.6 (2)(11) First lien seniorsecured loan 10.03% SOFR (Q) 5.50% 03/2024 02/2028 7.7 7.7 7.7 (2)(11) Series A units 06/2023 4,699 4.0 6.9 (2) 25.5 28.4 F-122
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value 1,488.8 1,513.8 Consumer Services ADF Capital, Inc.,ADF RestaurantGroup, LLC, andARG RestaurantHoldings, Inc. (5) Restaurant ownerand operator First lien seniorsecured loan 12/2016 08/2022 12.6 — — (2)(10) AimbridgeAcquisition Co.,Inc. Hotel operator Second liensenior securedloan 02/2019 02/2027 22.5 22.1 4.5 (2)(10) AmericanResidential ServicesL.L.C. and AragornParent Holdings LP(15) Heating, ventilationand air conditioningservices provider First lien seniorsecured revolvingloan 7.96% SOFR (M) 3.50% 10/2020 07/2027 1.6 1.6 1.6 (2) First lien seniorsecured revolvingloan 10.00% Base Rate(Q) 2.50% 10/2020 07/2027 1.1 1.1 1.1 (2) Second liensenior securedloan 12.97% SOFR (M) 8.50% 10/2020 10/2028 5.9 5.9 5.9 (2)(11) Series A preferredunits 10.00%PIK 10/2020 2,531,500 3.8 6.2 (2) 12.4 14.8 Apex ServicePartners, LLC andApex ServicePartners Holdings,LLC (15) Provider ofresidential HVAC,plumbing, andelectricalmaintenance andrepair services First lien seniorsecured revolvingloan 9.51% SOFR (Q) 5.00% 10/2023 10/2029 5.9 5.9 5.9 (2)(11)(14) First lien seniorsecured loan 9.52% SOFR (Q) 5.00% 09/2024 10/2030 198.3 198.1 198.3 (2)(11) Series B commonunits 10/2023 262,165 7.2 9.4 211.2 213.6 Belfor Holdings,Inc. (15) Disaster recoveryservices provider First lien seniorsecured revolvingloan 11/2023 11/2028 — — — (2)(13) Clarion HomeServices Group,LLC and LBCBreeze HoldingsLLC (15) Provider of HVACand plumbingservices toresidential andcommercialcustomers First lien seniorsecured revolvingloan 10.62% SOFR (Q) 6.00% 12/2021 12/2027 0.7 0.7 0.6 (2)(11) First lien seniorsecured loan 12.70%(7.00%PIK) SOFR (Q) 8.00% 12/2021 12/2027 3.3 3.3 3.0 (2)(11) First lien seniorsecured loan 12.68%(7.25%PIK) SOFR (Q) 8.25% 03/2023 12/2027 1.6 1.6 1.4 (2)(11) First lien seniorsecured loan 12.72%(7.25%PIK) SOFR (Q) 8.25% 03/2023 12/2027 4.9 4.9 4.5 (2)(11) Class A units 12/2021 4,296 4.3 1.1 14.8 10.6 CMG HoldCo, LLCand CMG BuyerHoldings, Inc. (15) Provider ofcommercial HVACequipmentmaintenance andrepair services First lien seniorsecured revolvingloan 9.28% SOFR (Q) 4.75% 05/2022 05/2028 3.4 3.4 3.4 (2)(11) First lien seniorsecured loan 9.08% SOFR (Q) 4.75% 05/2022 05/2028 30.7 30.7 30.7 (2)(11) First lien seniorsecured loan 9.16% SOFR (Q) 4.75% 11/2023 05/2028 9.6 9.6 9.6 (2)(11) Common stock 05/2022 302 3.1 10.3 (2) 46.8 54.0 Concert GolfPartners HoldcoLLC (15) Golf club ownerand operator First lien seniorsecured loan 9.13% SOFR (M) 4.75% 04/2024 04/2030 36.9 36.9 36.9 (2)(11) CST HoldingCompany (15) Provider of ignitioninterlock devices First lien seniorsecured loan 9.46% SOFR (M) 5.00% 11/2022 11/2028 11.5 11.5 11.5 (2)(11) First lien seniorsecured loan 9.46% SOFR (M) 5.00% 07/2024 11/2028 0.1 0.1 0.1 (2)(11) F-123
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value 11.6 11.6 Davidson HotelCompany LLC (15) Provider of hoteloperations solutionsand advisoryservices First lien seniorsecured revolvingloan 9.36% SOFR (M) 5.00% 10/2024 10/2031 0.7 0.7 0.7 (2)(11) First lien seniorsecured loan 9.36% SOFR (M) 5.00% 10/2024 10/2031 8.2 8.2 8.1 (2)(11) 8.9 8.8 Equinox Holdings,Inc. Operator of luxury,full-service healthfitness clubs First lien seniorsecured loan 12.58%(4.13%PIK) SOFR (Q) 8.25% 03/2024 03/2029 44.3 43.4 44.3 (2)(11) Second liensenior securedloan 16.00%PIK 03/2024 06/2027 3.9 3.8 3.9 (2) 47.2 48.2 Essential ServicesHolding Corporationand OMERSMahomesInvestment HoldingsLLC (15) Provider ofplumbing andHVAC services First lien seniorsecured revolvingloan 06/2024 06/2030 — — — (2)(11)(13) First lien seniorsecured loan 9.65% SOFR (Q) 5.00% 06/2024 06/2031 151.5 151.5 150.0 (2)(11) Preferred units 15.00%PIK 07/2023 685 8.0 8.0 (2) Class A units 11/2020 6,447 22.9 34.2 (2) 182.4 192.2 Eternal Aus BidcoPty Ltd (15) Operator ofcemetery,crematoria andfuneral services First lien seniorsecured loan 10.72% BBSY (Q) 6.25% 11/2023 11/2029 7.0 7.4 7.0 (2)(6)(11) Excel FitnessConsolidator LLC,Health Buyer LLCand Excel FitnessHoldings, Inc. (15) Fitness facilityoperator First lien seniorsecured loan 9.83% SOFR (Q) 5.50% 08/2023 04/2029 5.4 5.4 5.4 (2)(11) First lien seniorsecured loan 9.83% SOFR (Q) 5.50% 05/2024 04/2029 0.9 0.9 0.9 (2)(11) 6.3 6.3 Fitness VenturesHoldings, Inc. andMeaningful PartnersFitness Ventures Co-Investment LP (4)(15) Crunch Fitnessfranchisee First lien seniorsecured revolvingloan 8.36% SOFR (M) 4.00% 08/2024 08/2030 2.5 2.5 2.4 (2)(11) First lien seniorsecured loan 9.86% SOFR (M) 5.50% 08/2024 08/2031 37.2 37.2 36.6 (2)(11) Common units 07/2024 11,957,000 12.0 13.8 (2) 51.7 52.8 Flinn Scientific, Inc.and WCI-QuantumHoldings, Inc. (15) Distributor ofinstructionalproducts, servicesand resources First lien seniorsecured revolvingloan 9.92% SOFR (M) 5.50% 08/2018 04/2026 3.6 3.6 3.6 (2)(11)(14) First lien seniorsecured loan 10.09% SOFR (Q) 5.50% 07/2017 04/2026 29.0 29.0 29.0 (2)(11) First lien seniorsecured loan 10.09% SOFR (Q) 5.50% 08/2018 04/2026 1.1 1.1 1.1 (2)(11) First lien seniorsecured loan 10.09% SOFR (Q) 5.50% 06/2024 04/2026 7.5 7.5 7.5 (2)(11) Series A preferredstock 10/2014 1,272 0.7 1.1 (2) 41.9 42.3 Flint OpCo, LLC(15) Provider ofresidential HVACand plumbingservices First lien seniorsecured loan 9.11% SOFR (Q) 4.75% 08/2023 08/2030 7.0 7.0 7.0 (2)(11) First lien seniorsecured loan 9.11% SOFR (Q) 4.75% 05/2024 08/2030 1.3 1.3 1.3 (2)(11) 8.3 8.3 GS SEER GroupBorrower LLC andGS SEER GroupHoldings LLC (15) Provider ofcommercial andresidential HVAC,electrical, andplumbing services First lien seniorsecured loan 11.08% SOFR (Q) 6.75% 04/2023 04/2030 21.9 21.9 21.9 (2)(11) F-124
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Class A commonunits 04/2023 4,424 4.4 3.3 (2) 26.3 25.2 Helios ServicePartners, LLC andAstra ServicePartners, LLC (15) Critical HVAC,refrigeration, andplumbing servicesfor commercialbusinesses First lien seniorsecured revolvingloan 08/2023 03/2027 — — — (2)(13) First lien seniorsecured loan 9.60% SOFR (Q) 5.00% 08/2023 03/2027 5.9 5.9 5.9 (2)(11) First lien seniorsecured loan 10.87% SOFR (Q) 6.00% 08/2023 03/2027 3.7 3.7 3.7 (2)(11) 9.6 9.6 IFH FranchiseeHoldings, LLC (15) Operator of fitnesscenters First lien seniorsecured revolvingloan 8.37% SOFR (M) 4.00% 12/2024 12/2029 4.3 4.3 4.2 (2)(11) First lien seniorsecured loan 10.12% SOFR (M) 5.75% 12/2024 12/2029 55.3 55.3 54.5 (2)(11) 59.6 58.7 Infinity HomeServices Holdco,Inc., D'Angelo &Sons ConstructionLimited and IHSParent Holdings,L.P. (15) Provider ofresidential roofingand exterior repairand replacementservices First lien seniorsecured revolvingloan 12.00% Base Rate(Q) 4.50% 12/2022 12/2028 0.7 0.7 0.7 (2)(6)(11) First lien seniorsecured loan 9.84% SOFR (M) 5.50% 12/2022 12/2028 14.7 14.7 14.7 (2)(6)(11) First lien seniorsecured loan 8.79% CORRA(Q) 5.50% 11/2023 12/2028 1.3 1.3 1.3 (2)(6)(11) First lien seniorsecured loan 9.83% SOFR (Q) 5.50% 11/2023 12/2028 6.4 6.4 6.4 (2)(6)(11) First lien seniorsecured loan 9.61% SOFR (Q) 5.25% 10/2024 12/2028 0.5 0.5 0.5 (2)(6)(11) Class A units 12/2022 9,524,000 9.5 14.0 (2)(6) 33.1 37.6 Jenny C Acquisition,Inc. Health clubfranchisor Seniorsubordinated loan 8.00%PIK 04/2019 04/2025 1.8 1.8 1.8 (2) LeviathanIntermediateHoldco, LLC andLeviathan Holdings,L.P. (15) Franchisingplatform offeringadolescentdevelopmentprograms First lien seniorsecured loan 11.98% SOFR (Q) 7.50% 12/2022 12/2027 30.3 30.3 30.3 (2)(11) Limitedpartnershipinterests 12/2022 2,149,690 2.1 2.7 32.4 33.0 ME Equity LLC Franchisor in themassage industry Common stock 09/2012 3,000,000 3.0 4.2 (2) Modigent, LLC andOMERS PMCInvestment HoldingsLLC (15) Provider ofcommercial HVACservices First lien seniorsecured revolvingloan 10.83% SOFR (Q) 6.50% 08/2022 08/2027 5.4 5.4 5.4 (2)(11) First lien seniorsecured loan 10.83% SOFR (Q) 6.50% 08/2022 08/2028 3.4 3.4 3.4 (2)(11) First lien seniorsecured loan 10.83% SOFR (Q) 6.50% 09/2023 08/2028 2.8 2.8 2.8 (2)(11) Class A units 08/2022 1,001 9.7 10.7 (2) 21.3 22.3 Mustang ProspectsHoldco, LLC,Mustang ProspectsPurchaser, LLC andSenske Acquisition,Inc. (15) Provider of lawncare, tree care andpest control services First lien seniorsecured loan 9.33% SOFR (Q) 5.00% 06/2024 06/2031 23.8 23.8 23.8 (2)(11) Class A preferredunits 09/2024 591 0.6 0.7 Class B commonunits 09/2024 590,845 0.2 0.3 24.6 24.8 F-125
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value North HavenFairway Buyer, LLC,Fairway Lawns, LLCand Command PestControl, LLC (15) Provider oflawncare services First lien seniorsecured revolvingloan 10.86% SOFR (Q) 6.50% 12/2022 05/2028 2.8 2.8 2.8 (2)(11) First lien seniorsecured loan 10.94% SOFR (Q) 6.50% 12/2022 05/2028 17.7 17.6 17.7 (2)(11) First lien seniorsecured loan 9.66% SOFR (Q) 5.25% 06/2024 05/2028 2.4 2.4 2.4 (2)(11) 22.8 22.9 Northwinds Holding,Inc. and NorthwindsServices Group LLC(15) Provider of HVACand plumbingservices First lien seniorsecured revolvingloan 9.80% SOFR (Q) 5.25% 05/2023 05/2029 0.8 0.8 0.8 (2)(11) First lien seniorsecured loan 9.96% SOFR (Q) 5.25% 05/2023 05/2029 27.1 27.1 27.1 (2)(11) Common units 05/2023 2,911,607 4.0 4.8 (2) 31.9 32.7 OTG ConcessionsManagement, LLCand Octa ParentHoldings, LLC Airport restaurantoperator Second lien notes 10.00%PIK 02/2024 02/2031 8.0 8.0 7.0 (2) Participationrights 02/2024 02/2054 1 — — (2) 8.0 7.0 PestCo Holdings,LLC and PestCo,LLC (15) Provider of pestcontrol services tothe residential andcommercialmarkets First lien seniorsecured loan 10.95% SOFR (Q) 6.25% 02/2023 02/2028 2.5 2.5 2.5 (2)(11) First lien seniorsecured loan 9.50% SOFR (Q) 5.25% 10/2024 02/2028 0.8 0.8 0.8 (2)(11) Class A units 01/2023 139 1.9 2.5 5.2 5.8 Pinnacle MEPIntermediate HoldcoLLC and BPCPPinnacle Holdings,Inc. (15) Provider ofcommercial andresidential HVAC,electrical &plumbing services First lien seniorsecured revolvingloan 9.13% SOFR (M) 4.75% 10/2024 10/2030 0.4 0.4 0.4 (2)(11) First lien seniorsecured loan 9.32% SOFR (Q) 4.75% 10/2024 10/2030 5.6 5.6 5.5 (2)(11) Common stock 10/2024 667 0.7 0.7 (2) 6.7 6.6 Premiere Buyer,LLC (15) Third-partyresidential propertymanager for multi-family residentialproperties in theUnited States First lien seniorsecured loan 9.32% SOFR (Q) 4.75% 05/2024 05/2031 38.4 38.4 38.4 (2)(11) Pyramid-BMCIntermediateCo I,LLC and PyramidInvestors, LLC (15) Hotel operator First lien seniorsecured loan 9.88% SOFR (Q) 5.25% 01/2023 01/2028 7.6 7.6 7.6 (2)(11) First lien seniorsecured loan 9.87% SOFR (Q) 5.25% 10/2024 01/2028 2.6 2.6 2.6 (2)(11) Preferredmembership units 8.00%PIK 07/2016 996,833 1.1 3.3 11.3 13.5 Quick Quack CarWash Holdings, LLCand KKR GameChanger Co-InvestFeeder II L.P. (15) Car wash operator First lien seniorsecured loan 9.11% SOFR (M) 4.75% 05/2024 06/2031 52.9 52.9 52.9 (2)(11) Limitedpartnershipinterest 06/2024 11,184,000 11.2 11.6 (2) 64.1 64.5 Radiant IntermediateHolding, LLC Provider of HVAC,plumbing andelectrical services First lien seniorsecured loan 10.61%(3.00%PIK) SOFR (Q) 6.00% 04/2023 11/2026 2.1 2.0 1.8 (2)(11) F-126
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Redwood Services,LLC and RedwoodServices Holdco,LLC (15) Provider ofresidential HVACand plumbingservices First lien seniorsecured revolvingloan 10.98% SOFR (Q) 6.50% 05/2024 12/2027 0.2 0.2 0.2 (2)(11) First lien seniorsecured loan 10.98% SOFR (Q) 6.50% 12/2020 12/2027 0.2 0.2 0.2 (2)(11) First lien seniorsecured loan 10.98% SOFR (Q) 6.50% 12/2021 12/2027 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 10.98% SOFR (Q) 6.50% 09/2022 12/2027 5.0 5.0 5.0 (2)(11) First lien seniorsecured loan 10.98% SOFR (Q) 6.50% 05/2023 12/2027 8.6 8.6 8.6 (2)(11) First lien seniorsecured loan 10.98% SOFR (Q) 6.50% 03/2024 12/2027 12.4 12.4 12.4 (2)(11) First lien seniorsecured loan 10.98% SOFR (Q) 6.50% 05/2024 12/2027 2.4 2.4 2.4 (2)(11) Series D units 12/2020 19,592,999 23.9 69.3 52.8 98.2 Safe Home Security,Inc., SecuritySystems Inc., SafeHome Monitoring,Inc., NationalProtective Services,Inc., BrightIntegrations LLCand Medguard Alert,Inc. Provider of safetysystems for businessand residentialcustomers First lien seniorsecured loan 11.70% SOFR (M) 7.25% 08/2020 03/2025 46.9 46.9 46.4 (2)(11) Taymax Group, L.P.,Taymax Group G.P.,LLC, PF SalemCanada ULC andTCP Fit Parent, L.P.(15) Planet Fitnessfranchisee First lien seniorsecured revolvingloan 9.28% CORRA(M) 5.38% 07/2018 07/2026 0.6 0.6 0.6 (2)(11) First lien seniorsecured revolvingloan 10.05% SOFR (M) 5.38% 07/2018 07/2026 0.2 0.2 0.2 (2)(11) First lien seniorsecured revolvingloan 9.74% CORRA(M) 5.50% 01/2024 07/2026 0.4 0.4 0.4 (2)(11) First lien seniorsecured revolvingloan 9.96% SOFR (M) 5.50% 01/2024 07/2026 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 9.79% SOFR (M) 5.33% 03/2020 07/2026 1.4 1.4 1.4 (2)(11) First lien seniorsecured loan 9.95% SOFR (M) 5.50% 01/2024 07/2026 0.4 0.4 0.4 (2)(11) Class A units 07/2018 37,020 3.8 8.4 6.9 11.5 The ArcticomGroup, LLC andAMCP MechanicalHoldings, LP (15) Refrigeration,heating, ventilationand air conditioningservices provider First lien seniorsecured revolvingloan 11.86%(4.00%PIK) SOFR (M) 7.50% 12/2021 12/2027 0.8 0.8 0.8 (2)(11) First lien seniorsecured loan 11.86%(4.00%PIK) SOFR (M) 7.50% 12/2021 12/2027 0.2 0.2 0.2 (2)(11) First lien seniorsecured loan 11.86%(4.00%PIK) SOFR (M) 7.50% 08/2022 12/2027 0.2 0.2 0.2 (2)(11) First lien seniorsecured loan 11.86%(4.00%PIK) SOFR (M) 7.50% 04/2023 12/2027 1.6 1.6 1.6 (2)(11) First lien seniorsecured loan 11.86%(4.00%PIK) SOFR (M) 7.50% 10/2023 12/2027 5.3 5.3 5.3 (2)(11) First lien seniorsecured loan 11.86%(4.00%PIK) SOFR (M) 7.50% 08/2024 12/2027 8.6 8.6 8.6 (2)(11) Class A units 12/2021 8,493,698 8.5 9.5 Class C units 03/2023 333,510 — 0.4 25.2 26.6 Triwizard Holdings,Inc. and TriwizardParent, LP (15) Parkingmanagement andhospitality servicesprovider First lien seniorsecured revolvingloan 11.75% Base Rate(Q) 4.25% 06/2023 06/2029 3.0 3.0 3.0 (11) F-127
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Class A-2common units 06/2023 30,000 3.0 4.5 (2) 6.0 7.5 Vertex ServicePartners, LLC andVertex ServicePartners Holdings,LLC (15) Provider ofresidential roofingrepair &replacement First lien seniorsecured revolvingloan 10.12% SOFR (Q) 5.75% 11/2023 11/2030 1.4 1.4 1.4 (2)(11) First lien seniorsecured loan 10.13% SOFR (M) 5.75% 11/2023 11/2030 15.2 15.2 15.2 (2)(11) First lien seniorsecured loan 9.50% SOFR (Q) 5.00% 10/2024 11/2030 0.3 0.3 0.3 (2)(11) Class B commonunits 11/2023 212 0.2 0.4 17.1 17.3 Wrench Group LLC Provider ofessential homeservicesspecializing inHVAC, plumbingand electricalservices First lien seniorsecured loan 8.59% SOFR (Q) 4.00% 11/2024 10/2028 0.1 0.1 0.1 (2)(18) YE BrandsHoldings, LLC (15) Sports campoperator First lien seniorsecured revolvingloan 9.08% SOFR (Q) 4.75% 10/2021 10/2027 1.6 1.6 1.6 (2)(11) First lien seniorsecured loan 9.08% SOFR (Q) 4.75% 10/2021 10/2027 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 9.08% SOFR (Q) 4.75% 06/2022 10/2027 8.0 8.0 8.0 (2)(11) First lien seniorsecured loan 9.08% SOFR (Q) 4.75% 09/2023 10/2027 3.6 3.6 3.6 (2)(11) First lien seniorsecured loan 9.08% SOFR (Q) 4.75% 01/2024 10/2027 2.3 2.3 2.3 (2)(11) 15.6 15.6 ZBS MechanicalGroup Co-InvestFund 2, LLC Provider ofresidential HVACand plumbingservices Membershipinterest 10/2021 2,771,000 1.4 12.1 1,284.0 1,357.6 Investment Fundsand Vehicles ACAS EquityHoldingsCorporation (5) Investmentcompany Common stock 01/2017 589 0.4 0.5 (6) Constellation WealthCapital Fund, L.P.(16) Specialistalternative assetmanagementplatform Limited partnerinterests 01/2024 2,901,041 2.6 2.7 (6)(18) CREST ExeterStreet Solar 2004-1 Investment vehicle Preferred shares 01/2017 06/2039 3,500,000 — — (6) CWC Fund I Co-Invest (ALTI) LP Global wealth andalternativesmanager Limitedpartnershipinterest 03/2024 6,224,000 6.2 6.7 (2)(6) European CapitalUK SME Debt LP(4)(16) Investmentpartnership Limitedpartnershipinterest 01/2017 44.73% 1.0 7.4 (6) HCI Equity, LLC (5) Investmentcompany Member interest 04/2010 100.00% — — (6)(18) Linden StructuredCapital Fund II-ALP (16) Investmentpartnership Limitedpartnershipinterest 07/2024 1,090,121 1.2 1.1 (2)(6)(18) Partnership CapitalGrowth InvestorsIII, L.P. Investmentpartnership Limitedpartnershipinterest 10/2011 2.50% 1.8 4.6 (2)(6)(18) PCG-Ares SidecarInvestment II, L.P.(4)(16) Investmentpartnership Limitedpartnershipinterest 10/2014 100.00% 7.3 22.3 (2)(6) PCG-Ares SidecarInvestment, L.P. (4)(16) Investmentpartnership Limitedpartnershipinterest 05/2014 100.00% 4.4 0.6 (6) Piper JaffrayMerchant BankingFund I, L.P. Investmentpartnership Limitedpartnershipinterest 08/2012 2.00% 0.1 0.5 (6)(18) F-128
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Senior DirectLending Program,LLC (5)(17) Co-investmentvehicle Subordinatedcertificates 12.00% SOFR (Q) 8.00% 07/2016 12/2036 1,309.9 1,263.2 1,192.0 (6)(12) Membershipinterest 87.50% — — (6) 1,263.2 1,192.0 1,288.2 1,238.4 Sports, Media andEntertainment 22 HoldCo Limited Sports andentertainmentplatform Seniorsubordinated loan 12.73%PIK SONIA (S) 7.50% 08/2023 08/2033 56.9 57.9 56.9 (2)(6)(11) 3 Step Sports LLC(15) Provider ofintegrated youthsports solutions First lien seniorsecured loan 12.34%(1.50%PIK) SOFR (Q) 8.00% 10/2023 10/2029 12.5 12.5 11.7 (2)(11) AventineIntermediate LLC &Aventine Holdings IILLC Media andproductioncompany First lien seniorsecured loan 10.43%(3.00%PIK) SOFR (Q) 6.00% 12/2021 06/2027 10.4 10.4 9.9 (2)(11) Seniorsubordinated loan 10.25%PIK 12/2021 12/2030 48.1 48.1 39.0 (2) 58.5 48.9 Axiomatic, LLC Premiere e-sportsand video gameinvestment platform Class A-1 units 05/2022 500,000 5.0 5.8 Broadcast Music,Inc. (15) Music rightsmanagementcompany First lien seniorsecured loan 10.39% SOFR (Q) 5.75% 02/2024 02/2030 21.2 21.2 21.2 (2)(11) CFC Funding LLC SME-related SPV Loan instrumentunits 9.75%PIK 07/2023 16,680 18.3 18.3 (6) CMW Parent LLC(fka Black Arrow,Inc.) Multiplatformmedia firm Series A units 09/2015 32 — — Dundee Eros, LP Catalog of premiermusic intellectualproperty Limitedpartnershipinterest 11/2024 4,234,000 4.2 4.2 (2) Eagle FootballHoldings BidCoLimited and EagleFootball HoldingsLimited Multi-club sportsplatform Seniorsubordinated loan 19.00%PIK 12/2022 12/2028 0.6 0.6 0.6 (2)(6) Seniorsubordinated loan 19.00%PIK 12/2022 12/2028 28.7 28.7 28.7 (2)(6) Seniorsubordinated loan 12.29%PIK SOFR (S) 8.00% 12/2022 12/2028 53.9 53.9 52.3 (2)(6)(11) Ordinary shares 09/2023 494 4.4 1.6 (2)(6) Warrant topurchase sharesof ordinary shares 12/2022 11/2028 180 — 2.0 (2)(6) Warrant topurchase sharesof ordinary shares 12/2022 11/2028 199 — 0.7 (2)(6) 87.6 85.9 Fever Labs, Inc. (15) Technology ledmarketing andticketing platformfor live events First lien seniorsecured revolvingloan 11.00% 08/2024 11/2028 4.1 4.1 4.1 (2) First lien seniorsecured loan 11.00% 05/2024 11/2028 14.0 13.2 14.0 (2) Series E-5ConvertibleShares 08/2024 217,907 0.9 1.0 (2) 18.2 19.1 FinEquity Holdings,LLC Professional sportsteam andentertainmentcomplex Class A commoninterest 12/2024 26 181.9 181.9 Class A commoninterest 12/2024 26 5.3 5.3 Class A commoninterest 12/2024 26 1.3 1.3 188.5 188.5 F-129
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Global MusicRights, LLC (15) Music rightmanagementcompany First lien seniorsecured loan 9.10% SOFR (S) 4.75% 12/2024 12/2031 220.9 220.9 217.6 (2)(11) League OneVolleyball, Inc. Operator of youthvolleyball clubs Series B preferredstock 07/2023 194 — — (2) Series C preferredstock 09/2024 67 — — (2) — — Legends HospitalityHolding Company,LLC and ASMBuyer, Inc. (15) Hospitality platformprovider ofpremiumexperiential services First lien seniorsecured revolvingloan 9.41% SOFR (M) 5.00% 08/2024 08/2030 1.1 1.1 1.1 (2)(11)(14) First lien seniorsecured loan 10.02%(2.75%PIK) SOFR (Q) 5.50% 08/2024 08/2031 57.2 57.2 56.0 (2)(11) 58.3 57.1 LiveBarn Inc. Provider of Live &On Demandbroadcasting ofamateur and youthsporting events Middle preferredshares 08/2023 4,902,988 17.3 21.6 (2)(6) Miami BeckhamUnited LLC Americanprofessional soccerclub Class A preferredunits 9.50%PIK 09/2021 85,000 113.7 113.7 Class B preferredunits 9.50%PIK 06/2023 42,500 48.9 48.9 162.6 162.6 Production ResourceGroup, L.L.C. andPRG III, LLC (4) Provider of rentalequipment, labor,productionmanagement,scenery, and otherproducts to variousentertainment end-markets First lien seniorsecured loan 17.29%(9.52%PIK) SOFR (Q) 8.50% 08/2018 08/2029 50.2 50.2 50.2 (2)(11) First lien seniorsecured loan 12.61%(9.25%PIK) SOFR (Q) 8.13% 07/2020 08/2029 16.1 16.1 16.1 (2)(11) First lien seniorsecured loan 12.61%(9.25%PIK) SOFR (Q) 8.13% 06/2021 08/2029 0.9 0.9 0.9 (2)(11) First lien seniorsecured loan 12.61%(9.25%PIK) SOFR (Q) 8.13% 08/2021 08/2029 7.8 7.8 7.8 (2)(11) First lien seniorsecured loan 12.61%(9.25%PIK) SOFR (Q) 8.13% 05/2024 08/2029 27.5 27.3 27.5 (2)(11) Class A units 10/2020 113,617 4.9 5.7 (2) 107.2 108.2 ProfessionalFighters League,LLC and PFLMMA, Inc. Mixed martial artsleague First lien seniorsecured loan 14.00%PIK 01/2021 01/2026 22.2 21.8 22.2 (2) Second lien seniorsecured loan 16.00%PIK 11/2022 01/2026 0.2 0.1 0.2 (2) Series E preferredstock 04/2022 219,035 0.7 0.7 (2) Warrant topurchase shares ofcommon stock 01/2021 01/2027 3,223,122 1.7 — (2) Warrant topurchase shares ofcommon stock 11/2022 11/2029 68,787 0.2 — (2) 24.5 23.1 Sandlot ActionSports, LLC Youth sportsplatform Common units 05/2024 3,384 — — South FloridaMotorsports, LLC Professionalsporting event Class A commoninterest 12/2024 26 5.4 5.4 Storm InvestmentS.a.r.l. and AtleticoHoldco, S.L. Spanish soccer club First lien seniorsecured loan 3.75% 06/2021 06/2029 63.9 73.6 63.9 (2)(6) Seniorsubordinated loan 10.00%PIK 07/2024 07/2026 29.1 31.7 29.9 (2)(6) Ordinary shares 06/2021 3,958 — 0.3 (2)(6) F-130
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Class Aredeemable shares 06/2021 3,297,791 1.6 4.5 (2)(6) Class Bredeemable shares 06/2021 3,297,791 1.6 4.5 (2)(6) Class Credeemable shares 06/2021 3,297,791 1.6 4.5 (2)(6) Class Dredeemable shares 06/2021 3,297,791 1.6 4.5 (2)(6) Class Eredeemable shares 06/2021 3,297,791 1.6 4.5 (2)(6) Class Fredeemable shares 06/2021 3,297,791 1.6 4.5 (2)(6) Class Gredeemable shares 06/2021 3,297,791 1.6 4.5 (2)(6) Class Hredeemable shares 06/2021 3,297,791 1.6 4.5 (2)(6) Class Iredeemable shares 06/2021 3,297,791 1.6 4.5 (2)(6) 119.7 134.6 The TeachingCompany Holdings,Inc. Educationpublicationsprovider Preferred stock 09/2006 10,663 1.1 2.6 (2) Common stock 09/2006 15,393 — 0.2 (2) 1.1 2.8 WRE SportsInvestments LLC(15) Professional sportsclub First lien seniorsecured loan 11.00%(5.50%PIK) 07/2024 07/2031 24.9 24.9 24.4 (2) 11.00% 07/2024 07/2031 0.4 0.4 0.4 (2) 25.3 24.8 1,214.2 1,218.3 Independent Powerand RenewableElectricityProducers Apex Clean EnergyTopCo, LLC (4) Developer, builderand owner ofutility-scale windand solar powerfacilities Class A commonunits 11/2021 1,335,610 134.7 222.3 BNZ TopCo B.V.(15) Developer andoperator of solarphotovoltaic plants Seniorsubordinated loan 8.60% Euribor (Q) 5.75% 10/2024 10/2030 11.8 11.9 11.5 (2)(6)(11) PosiGen, Inc. Seller and leaser ofsolar power systemsfor residential andcommercialcustomers Warrant topurchase shares ofseries D-1preferred stock 06/2021 06/2028 7,616 — — (2) Warrant topurchase shares ofcommon stock 01/2020 01/2027 5,560 — — (2) — — PotomacIntermediateHoldings II LLC (5) Gas turbine powergeneration facilitiesoperator Series A units 11/2021 251,384,442 210.8 350.6 Sunrun AtlasDepositor 2019-2,LLC and SunrunAtlas Holdings2019-2, LLC Residential solarenergy provider First lien seniorsecured loan 3.61% 10/2019 02/2055 0.1 0.1 0.1 (2) Seniorsubordinated loan 11.49%(8.14%PIK) SOFR (Q) 6.90% 11/2019 11/2025 173.2 173.2 169.8 (2)(11) 173.3 169.9 Sunrun Luna Holdco2021, LLC Residential solarenergy provider Seniorsubordinated loan 11.34% SOFR (Q) 6.75% 03/2022 04/2027 150.0 150.0 148.5 (2)(6)(11) F-131
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Sunrun XanaduIssuer 2019-1, LLCand Sunrun XanaduHoldings 2019-1,LLC Residential solarenergy provider First lien seniorsecured loan 3.98% 06/2019 06/2054 0.3 0.3 0.3 (2) Seniorsubordinated loan 10.00%(6.00%PIK) SOFR (Q) 6.90% 06/2019 07/2030 81.2 81.2 78.8 (2)(11) 81.5 79.1 762.2 981.9 Capital Goods AI Aqua MergerSub, Inc. End to end providerof water solutions toa wide range ofcustomer bases First lien seniorsecured loan 8.05% SOFR (M) 3.50% 06/2021 07/2028 1.0 1.0 1.0 (2)(11)(18) Airx ClimateSolutions, Inc. (15) Provider ofcommercial HVACequipment andservices First lien seniorsecured loan 10.18% SOFR (Q) 5.75% 11/2023 11/2029 9.8 9.8 9.8 (2)(11) First lien seniorsecured loan 9.47% SOFR (Q) 5.00% 07/2024 11/2029 9.7 9.7 9.7 (2)(11) 19.5 19.5 API CommercialInc., API MilitaryInc., and API SpaceIntermediate, Inc. Provider of militaryaircraft aftermarketparts anddistribution, repairand logisticsservices First lien seniorsecured loan 05/2022 08/2025 6.6 2.3 3.0 (2)(10) Arrowhead HoldcoCompany andArrowhead GSHoldings, Inc. Distributor of non-discretionary,mission-criticalaftermarketreplacement parts First lien seniorsecured loan 9.91%(2.75%PIK) SOFR (Q) 5.25% 08/2021 08/2028 0.1 0.1 0.1 (2)(11) Common stock 08/2021 5,054 5.1 — (2) 5.2 0.1 BGIF IV FearlessUtility Services, Inc.(15) Maintenance andinstallation serviceprovider for electrictransmission anddistributioninfrastructure First lien seniorsecured revolvingloan 06/2024 06/2030 — — — (2)(11)(13) First lien seniorsecured loan 9.45% SOFR (M) 5.00% 06/2024 06/2031 35.2 35.2 35.2 (2)(11) 35.2 35.2 BlueHalo FinancingHoldings, LLC,BlueHalo GlobalHoldings, LLC, andBlueHalo, LLC (15) Provides productsand services to theDepartment ofDefense andIntelligenceCommunity First lien seniorsecured revolvingloan 10.40% SOFR (Q) 6.00% 05/2022 10/2025 2.7 2.6 2.7 (2)(11)(14) First lien seniorsecured loan 10.41% SOFR (Q) 6.00% 05/2022 10/2025 1.8 1.8 1.8 (2)(11) 4.4 4.5 Burgess PointPurchaserCorporation Remanufacturer ofmission-critical andnon-discretionaryaftermarket vehicle,industrial, energystorage, and solarreplacement parts First lien seniorsecured loan 9.68% SOFR (Q) 5.25% 07/2022 07/2029 21.8 20.7 19.3 (2)(11)(18) CPIG Holdco Inc. Distributor ofengineered fluidpower and complexmachined solutions First lien seniorsecured loan 11.69% SOFR (Q) 7.00% 04/2023 04/2028 14.6 14.6 14.6 (2)(11) DFS HoldingCompany, Inc. (15) Distributor ofmaintenance, repair,and operations parts,supplies, andequipment to thefoodservice industry First lien seniorsecured loan 10.53% SOFR (Q) 6.25% 01/2023 01/2029 2.1 2.0 2.1 (2)(11) Dynamic NCAerospace Holdings,LLC and DynamicNC InvestmentHoldings, LP (15) Provider ofaerospacetechnology andequipment First lien seniorsecured revolvingloan 11.21% SOFR (Q) 6.50% 12/2020 12/2027 4.4 4.4 4.4 (2)(11) F-132
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value First lien seniorsecured loan 10.96% SOFR (Q) 6.50% 12/2020 12/2027 25.6 25.6 25.6 (2)(11) Common units 12/2020 9,773,000 9.8 12.0 39.8 42.0 EIS Legacy Holdco,LLC (15) Distributor ofelectric applicatorcomponents First lien seniorsecured loan 9.30% SOFR (Q) 4.75% 11/2024 11/2031 11.6 11.6 11.5 (2)(11) ESCP PPGHoldings, LLC (4) Distributor of newequipment andaftermarket parts tothe heavy-duty truckindustry Class A-1 units 08/2022 96,897 2.3 1.4 (2) Class A-2 units 12/2016 3,500 3.5 2.2 (2) 5.8 3.6 Generator USBuyer, Inc. andTotal Power Limited(15) Provider ofgenerator-basedpower solutions First lien seniorsecured loan 8.42% CORRA(Q) 5.25% 07/2024 07/2030 4.8 5.1 4.8 (2)(6)(11) First lien seniorsecured loan 9.58% SOFR (S) 5.25% 10/2024 07/2030 1.4 1.4 1.4 (2)(6)(11) 6.5 6.2 GSV Purchaser, Inc.(15) Provider ofmaintenance, repair,and sales servicesfor commercialemergency powerbackup generators First lien seniorsecured loan 9.30% SOFR (M) 4.75% 08/2024 08/2031 0.1 0.1 0.1 (2)(11) Harvey ToolCompany, LLC (15) Manufacturer ofcutting tools used inthe metalworkingindustry First lien seniorsecured loan 9.64% SOFR (M) 5.25% 10/2021 10/2027 3.6 3.6 3.6 (2)(11) First lien seniorsecured loan 9.61% SOFR (M) 5.25% 04/2024 10/2027 79.1 79.1 79.1 (2)(11) 82.7 82.7 Helix AcquisitionHoldings, Inc. Manufacturer ofsprings, fastenersand customcomponents First lien seniorsecured loan 11.46% SOFR (M) 7.00% 03/2023 03/2030 11.9 11.9 11.9 (2)(11) HPCC Parent, Inc.and PatriotContainer Corp.(15) Manufacturer ofwaste handling andrecycling equipment First lien seniorsecured loan 13.00%(7.00%PIK) 09/2024 09/2030 78.4 78.4 76.2 (2) Common stock 09/2024 459,208 4.4 4.4 (2) 82.8 80.6 Imaging BusinessMachines, L.L.C.and ScannerHoldingsCorporation (5) Provider of high-speed intelligentdocument scanninghardware andsoftware Seniorsubordinated loan 14.00%(7.00%PIK) 01/2017 12/2028 18.5 18.3 18.4 (2) Class A commonstock 01/2017 48,544 13.5 47.8 31.8 66.2 Kene Acquisition,Inc. and KeneHoldings, L.P. (15) National utilityservices firmprovidingengineering andconsulting servicesto natural gas,electric power andother energy andindustrial endmarkets First lien seniorsecured loan 9.83% SOFR (Q) 5.25% 02/2024 02/2031 5.3 5.3 5.3 (2)(11) Class A units 08/2019 4,549,000 0.5 8.8 (2) 5.8 14.1 LTG Acquisition,Inc. Designer andmanufacturer ofdisplay, lighting andpassengercommunicationsystems for masstransportationmarkets Class Amembership units 01/2017 5,000 5.1 — MaverickAcquisition, Inc. Manufacturer ofprecision machinedcomponents fordefense and high-tech industrialplatforms First lien seniorsecured loan 06/2021 06/2027 27.1 27.1 17.6 (2)(10) F-133
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value NCWS Intermediate,Inc. and NCWSHoldings LP Manufacturer andsupplier of car washequipment, partsand supplies to theconveyorized carwash market Class A-2common units 12/2020 12,296,000 12.9 14.3 (2) OPH NEPInvestment, LLC (4) Provider of energyservices for multi-family propertyowners, developers,and managers Seniorsubordinated loan 10.00%(7.00%PIK) 05/2024 05/2032 30.3 29.0 30.0 (2) Class B commonunits 05/2024 7 1.5 2.1 30.5 32.1 Osmose UtilitiesServices, Inc. andPine IntermediateHolding LLC Provider ofstructural integritymanagementservices totransmission anddistributioninfrastructure Second lien seniorsecured loan 11.22% SOFR (M) 6.75% 06/2021 06/2029 55.3 55.3 55.3 (2)(11) Paris US Holdco,Inc. & 1001028292Ontario Inc. (15) Manufacturer ofhigh-toleranceprecision machinedcomponents andassemblies for theaerospace anddefense industry First lien seniorsecured loan 9.55% SOFR (S) 5.00% 12/2024 12/2031 77.5 77.5 76.7 (2)(6)(11) Qnnect, LLC andConnector TopCo,LP (15) Manufacturer ofhighly engineeredhermetic packagingproducts First lien seniorsecured loan 10.33% SOFR (S) 5.25% 11/2022 11/2029 10.5 10.5 10.5 (2)(11) First lien seniorsecured loan 9.85% SOFR (S) 5.25% 10/2024 11/2029 31.4 31.4 31.4 (2)(11) Limitedpartnershipinterests 11/2022 992,500 9.9 13.3 (2) 51.8 55.2 Radius Aerospace,Inc. and RadiusAerospace EuropeLimited (15) Metal fabricator inthe aerospaceindustry First lien seniorsecured revolvingloan 10.55%(0.25%PIK) SOFR (S) 6.00% 03/2019 03/2027 2.1 2.1 2.0 (2)(6)(11) First lien seniorsecured revolvingloan 10.70%(0.25%PIK) SONIA (M) 6.00% 11/2019 03/2027 2.0 2.0 1.9 (2)(6)(11) First lien seniorsecured loan 10.48%(0.25%PIK) SOFR (Q) 6.00% 06/2024 03/2027 10.6 10.6 10.4 (2)(6)(11) 14.7 14.3 Radwell Parent, LLC(15) Distributor ofmaintenance, repair,and operations parts First lien seniorsecured revolvingloan 9.83% SOFR (Q) 5.50% 12/2022 04/2029 0.9 0.8 0.9 (2)(11) First lien seniorsecured loan 9.83% SOFR (Q) 5.50% 12/2022 04/2029 0.1 0.1 0.1 (2)(11) 0.9 1.0 Sunk Rock FoundryPartners LP, HatterasElectricalManufacturingHolding Companyand Sigma ElectricManufacturingCorporation (15) Manufacturer ofmetal castings,precision machinedcomponents andsub-assemblies inthe electricalproducts, powertransmission anddistribution andgeneral industrialmarkets First lien seniorsecured revolvingloan 10.21% SOFR (M) 5.75% 10/2017 10/2025 2.1 2.1 2.1 (2)(11)(14) First lien seniorsecured loan 10.21% SOFR (M) 5.75% 04/2024 10/2025 3.8 3.8 3.8 (2)(11) 5.9 5.9 Sunvair AerospaceGroup, Inc. and GBHelios Holdings,L.P. (15) Provider of aircraftcomponentmaintenance, repair,and overhaulservices First lien seniorsecured loan 9.74% SOFR (Q) 5.00% 05/2024 05/2031 35.9 35.9 35.9 (2)(11) Series A commonunits 05/2024 1,042 1.0 1.4 (2) 36.9 37.3 F-134
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost FairValue Two Six Labs, LLC(15) Provider ofinformationoperations, cyber,and data analyticsproducts and servicesfor government anddefense contracts First lien seniorsecured loan 10.33% SOFR (Q) 6.00% 10/2023 08/2027 8.6 8.6 8.6 (2)(11) 710.9 736.5 Pharmaceuticals,Biotechnology andLife Sciences Abzena Holdings,Inc. and Astro GroupHoldings Ltd. Organizationproviding discovery,development andmanufacturingservices to thepharmaceutical andbiotechnologyindustries A ordinary shares 05/2021 2,476,744 5.7 4.0 (2)(6) ADMA BiologicsInc. Biopharmaceuticalcompany First lien seniorsecured loan 10.85% SOFR (Q) 6.50% 12/2023 12/2027 3.4 3.3 3.4 (2)(6)(11) Alcami Corporationand ACM NoteHoldings, LLC (15) Outsourced drugdevelopmentservices provider First lien seniorsecured revolvingloan 11.44% SOFR (M) 7.00% 12/2022 12/2028 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 11.66% SOFR (Q) 7.00% 12/2022 12/2028 10.0 10.0 10.0 (2)(11) Seniorsubordinated loan 10.00%PIK 12/2022 06/2029 23.2 23.2 23.2 (2) 33.3 33.3 Athyrium Buffalo LP Biotechnologycompany engaging inthe development,manufacture, andcommercialization ofnovelneuromodulators Limitedpartnershipinterests 06/2022 7,628,966 7.6 7.6 (2)(6) Limitedpartnershipinterests 08/2023 3,756,395 3.7 3.8 (2)(6) 11.3 11.4 Bamboo US BidCoLLC (15) Biopharmaceuticalcompany First lien seniorsecured loan 9.77% SOFR (Q) 5.25% 09/2023 09/2030 32.5 32.5 32.5 (2)(11) Cobalt Buyer Sub,Inc., Cobalt HoldingsI, LP, and CobaltIntermediate I, Inc.(15) Provider ofbiological productsto life science andpharmaceuticalcompanies First lien seniorsecured revolvingloan 9.86% SOFR (M) 5.50% 10/2021 10/2027 0.7 0.7 0.7 (2)(11) First lien seniorsecured loan 9.86% SOFR (M) 5.50% 10/2021 10/2028 31.1 31.1 31.1 (2)(11) First lien seniorsecured loan 9.86% SOFR (M) 5.50% 06/2023 10/2028 11.4 11.4 11.4 (2)(11) First lien seniorsecured loan 9.86% SOFR (M) 5.50% 08/2024 10/2028 6.9 6.9 6.9 (2)(11) Preferred units 8.00%PIK 10/2021 10/2051 3,020 3.9 4.0 (2) Series A preferredshares 13.75%PIK 10/2021 60,236 94.1 95.6 (2) Class A commonunits 10/2021 30,500 — — (2) 148.1 149.7 Creek Parent, Inc.and Creek Feeder,L.P. (15) Provider of deliverytechnologies,development, drugmanufacturing,biologics, genetherapies andconsumer healthproducts First lien seniorsecured loan 9.63% SOFR (S) 5.25% 12/2024 12/2031 208.7 208.7 205.0 (2)(11) Limitedpartnershipinterest 12/2024 6,891,000 6.9 6.9 (2) 215.6 211.9 F-135
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Gula Buyer Inc. Distributor andmanufacturer ofveterinarian-gradepet prescriptionmedications andhealth products First lien seniorsecured loan 9.55% SOFR (M) 5.00% 10/2024 10/2031 125.6 125.6 124.0 (2)(11) NMC SkincareIntermediateHoldings II, LLC(15) Developer,manufacturer andmarketer of skincareproducts First lien seniorsecured revolvingloan 10.69% SOFR (M) 6.00% 10/2018 11/2026 5.0 5.0 4.6 (2)(11) First lien seniorsecured revolvingloan 10.44% SOFR (M) 6.00% 05/2022 11/2026 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 10.75%(1.00%PIK) SOFR (Q) 6.00% 10/2018 11/2026 30.4 30.4 28.0 (2)(11) First lien seniorsecured loan 10.75%(1.00%PIK) SOFR (Q) 6.00% 05/2022 11/2026 4.5 4.5 4.1 (2)(11) 40.0 36.8 North AmericanScience Associates,LLC, CardinalPurchaser LLC andCardinal TopcoHoldings, L.P. (15) Contract researchorganizationproviding researchand developmentand testing ofmedical devices First lien seniorsecured revolvingloan 9.05% SOFR (Q) 4.50% 09/2021 03/2027 2.5 2.5 2.4 (2)(11) First lien seniorsecured loan 10.50% SOFR (Q) 6.00% 09/2020 09/2027 46.6 46.6 44.7 (2)(11) First lien seniorsecured loan 10.50% SOFR (Q) 6.00% 12/2020 09/2027 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 10.50% SOFR (Q) 6.00% 02/2021 09/2027 2.5 2.5 2.4 (2)(11) First lien seniorsecured loan 10.50% SOFR (Q) 6.00% 09/2021 09/2027 9.3 9.3 8.9 (2)(11) Seniorsubordinated loan 11.00%PIK 03/2023 03/2025 1.7 1.7 1.6 (2) Seniorsubordinated loan 20.00%PIK 11/2024 03/2028 1.0 1.0 1.0 (2) Class A preferredunits 8.00%PIK 09/2020 13,528 18.9 19.6 (2) 82.6 80.7 Verista, Inc. (15) Provides systemsconsulting forcompliance,automation,validation, andpackaging solutionsto the healthcaresector First lien seniorsecured revolvingloan 10.61% SOFR (Q) 6.00% 05/2022 02/2027 0.7 0.5 0.6 (2)(11) First lien seniorsecured loan 11.11%(0.50%PIK) SOFR (Q) 6.50% 05/2022 02/2027 0.8 0.8 0.7 (2)(11) 1.3 1.3 Vertice Pharma UKParent Limited Manufacturer anddistributor ofgenericpharmaceuticalproducts Preferred shares 12/2015 40,662 — — (6) WCI-BXCPurchaser, LLC andWCI-BXCInvestmentHoldings, L.P. (15) Manufacturer ofmonoclonalantibodies First lien seniorsecured loan 10.78% SOFR (Q) 6.25% 11/2023 11/2030 5.0 5.0 5.0 (2)(11) Limitedpartnershipinterest 11/2023 1,529,000 1.5 1.4 (2) 6.5 6.4 705.8 695.4 ConsumerDurables andApparel 760203 N.B. LTD.(15) Manufacturer ofhockey equipmentand relatedaccessories First lien seniorsecured loan 8.80% CDOR (S) 5.50% 12/2024 12/2030 35.2 35.2 34.3 (2)(6)(11) F-136
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value BowhunterHoldings, LLC Provider of brandedarchery andbowhuntingaccessories Common units 04/2014 421 4.2 — Centric BrandsLLC, CentricBrands TopCo,LLC, and CentricBrands L.P. (4) Designer, marketerand distributor oflicensed and ownedapparel First lien seniorsecured loan 10.03% SOFR (Q) 5.50% 02/2024 08/2029 28.4 26.6 28.4 (2)(11) Seniorsubordinated loan 12.53%PIK SOFR (Q) 8.00% 02/2024 02/2031 26.6 25.1 26.6 (2)(11) Seniorsubordinated loan 11.03% SOFR (Q) 6.50% 02/2024 02/2031 29.3 27.4 29.3 (2)(11) Class A limitedpartnershipinterests 02/2024 6.27% 2.9 18.5 (2) 82.0 102.8 DRS Holdings III,Inc. and DRSHoldings I, Inc. (15) Footwear andorthopedic foot-carebrand First lien seniorsecured loan 10.71% SOFR (M) 6.25% 11/2019 11/2025 26.1 26.1 25.9 (2)(11) First lien seniorsecured loan 10.71% SOFR (M) 6.25% 06/2021 11/2025 24.1 24.1 23.8 (2)(11) Common stock 11/2019 8,549 8.5 7.3 (2) 58.7 57.0 Implus Footcare,LLC Provider offootwear and otheraccessories First lien seniorsecured loan 06/2016 07/2025 1.3 1.2 1.0 (2)(10) First lien seniorsecured loan 06/2017 07/2025 117.3 114.9 93.8 (2)(10) First lien seniorsecured loan 07/2018 07/2025 5.0 4.9 4.0 (2)(10) 121.0 98.8 Johnnie-O Inc. andJohnnie-O HoldingsInc. Apparel retailer First lien seniorsecured loan 10.99% SOFR (Q) 6.25% 03/2022 03/2027 17.5 17.2 17.5 (2)(11) Series Aconvertiblepreferred stock 03/2022 144,210 4.2 5.0 (2) Warrant topurchase shares ofcommon stock 03/2022 03/2032 93,577 1.5 3.2 (2) 22.9 25.7 Lew's IntermediateHoldings, LLC (15) Outdoor brandholding company First lien seniorsecured revolvingloan 8.87% SOFR (Q) 4.50% 02/2021 02/2026 1.0 1.0 0.8 (2)(14) First lien seniorsecured loan 9.51% SOFR (Q) 5.00% 02/2021 02/2028 1.0 1.0 0.8 (2)(11) 2.0 1.6 Pelican Products,Inc. (15) Flashlightsmanufacturer First lien seniorsecured revolvingloan 8.48% SOFR (Q) 4.00% 12/2021 12/2026 1.6 1.6 1.4 (2)(11) Second lien seniorsecured loan 12.34% SOFR (Q) 7.75% 12/2021 12/2029 60.0 60.0 55.2 (2)(11) 61.6 56.6 Rawlings SportingGoods Company,Inc. and SEPDiamond Fund, L.P.(15)(16) Sports equipmentmanufacturingcompany First lien seniorsecured revolvingloan 8.08% SOFR (Q) 3.75% 11/2024 11/2029 7.9 7.9 7.9 (2)(11) First lien seniorsecured loan 9.23% SOFR (Q) 4.75% 12/2020 11/2030 43.8 43.8 43.8 (2)(11) First lien seniorsecured loan 9.23% SOFR (Q) 4.75% 11/2021 11/2030 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 9.23% SOFR (Q) 4.75% 02/2024 11/2030 5.6 5.6 5.6 (2)(11) First lien seniorsecured loan 10.17% SOFR (S) 5.50% 11/2024 11/2030 3.4 3.4 3.4 (2)(11) Limitedpartnershipinterest 06/2024 10,918,656 10.9 10.9 (2) 71.7 71.7 F-137
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Reef Lifestyle, LLC(15) Apparel retailer First lien seniorsecured revolvingloan 12.49%(2.25%PIK) SOFR (M) 8.00% 10/2018 10/2027 27.3 27.3 27.3 (2)(11)(14) First lien seniorsecured revolvingloan 12.51%(2.25%PIK) SOFR (Q) 8.00% 07/2020 10/2027 3.9 3.8 3.9 (2)(11)(14) First lien seniorsecured loan 12.51%(2.25%PIK) SOFR (Q) 8.00% 10/2018 10/2027 21.1 21.0 21.0 (2)(11) First lien seniorsecured loan 12.51%(2.25%PIK) SOFR (Q) 8.00% 07/2020 10/2027 3.4 3.4 3.4 (2)(11) 55.5 55.6 S Toys HoldingsLLC (fka The Step2Company, LLC) (5) Toy manufacturer Common units 04/2011 1,116,879 — — Class B commonunits 10/2014 126,278,000 — — Warrant topurchase units 04/2010 12/2050 3,157,895 — — — — Shoes For CrewsGlobal, LLC andShoes For CrewsHoldings, LLC (4)(15) Manufacturer anddistributor of slipresistant footwear First lien seniorsecured loan 11.17% SOFR (M) 6.50% 04/2024 07/2029 1.2 1.2 1.2 (2)(11) First lien seniorsecured loan 11.17% SOFR (M) 6.50% 06/2024 07/2029 6.5 6.5 6.5 (2)(11) First lien seniorsecured loan 11.67%(5.00%PIK) SOFR (M) 7.00% 06/2024 07/2029 3.7 3.7 3.7 (2)(11) Class A commonunits 06/2024 8,474 10.5 11.3 (2) 21.9 22.7 St Athena GlobalLLC and St AthenaGlobal HoldingsLimited (15) Designer andmanufacturer ofbranded premium-quality tableware First lien seniorsecured revolvingloan 9.84% SOFR (Q) 5.25% 06/2024 06/2029 0.7 0.7 0.7 (2)(6)(11) First lien seniorsecured loan 9.82% SOFR (Q) 5.25% 06/2024 06/2030 30.0 30.0 29.4 (2)(6)(11) First lien seniorsecured loan 9.95% SONIA (M) 5.25% 06/2024 06/2030 17.0 17.2 16.7 (2)(6)(11) 47.9 46.8 SVP-SingerHoldings Inc. andSVP-SingerHoldings LP Manufacturer ofconsumer sewingmachines Class A commonunits 07/2021 6,264,706 26.1 — (2) Team AcquisitionCorporation (15) Provider of teamuniforms andathletic wear First lien seniorsecured loan 10.90% SOFR (M) 6.50% 01/2024 11/2029 34.6 34.0 32.8 (2)(11) 644.7 606.4 Food and Beverage American SeafoodsGroup LLC andAmerican SeafoodsPartners LLC Harvester andprocessor ofseafood Class A units 08/2015 77,922 0.1 — (2) Warrant topurchase units ofClass A units 08/2015 08/2035 7,422,078 7.4 2.5 (2) 7.5 2.5 Badia Spices, LLC(15) Spices & seasoningsbrand First lien seniorsecured loan 9.07% SOFR (Q) 4.50% 11/2024 11/2030 122.0 122.0 119.9 (2)(11) Berner Food &Beverage, LLC (15) Supplier of dairy-based food andbeverage products First lien seniorsecured loan 10.30% SOFR (S) 5.50% 12/2024 07/2027 1.4 1.4 1.4 (2)(11) Bragg Live FoodProducts, LLC andSPC InvestmentCo., L.P. (4)(15) Health foodcompany First lien seniorsecured loan 10.43% SOFR (Q) 6.00% 12/2020 12/2025 23.1 23.1 23.1 (2)(11) Common units 03/2019 14,850 11.5 33.2 (2) 34.6 56.3 F-138
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value CHG PPC ParentLLC & PPC CHGBlocker LLC Diversified foodproductsmanufacturer Common units 12/2021 59 3.0 4.7 (2) Demakes Borrower,LLC (15) Value-added proteinmanufacturer First lien seniorsecured loan 10.45% SOFR (M) 6.00% 12/2023 12/2029 6.2 6.2 6.2 (2)(11) Florida FoodProducts, LLC Provider of plantextracts and juices First lien seniorsecured loan 9.59% SOFR (Q) 5.00% 10/2021 10/2028 0.4 0.4 0.4 (2)(11) First lien seniorsecured loan 9.33% SOFR (Q) 5.00% 06/2022 10/2028 0.4 0.4 0.4 (2)(11) Second lien seniorsecured loan 12.59% SOFR (Q) 8.00% 10/2021 10/2029 71.8 71.8 61.0 (2)(11) 72.6 61.8 Gotham GreensHoldings, PBC Producer ofvegetables andculinary herbs forrestaurants andretailers First lien seniorsecured loan 14.24%(2.00%PIK) SOFR (S) 9.25% 06/2022 12/2026 36.8 36.8 36.8 (11) Series E-1preferred stock 6.00%PIK 06/2022 188,605 14.2 11.5 (2) Warrant topurchase shares ofSeries E-1preferred stock 06/2022 06/2032 78,216 — — (2) 51.0 48.3 KNPC HoldCo,LLC Producer of trailmix and mixed nutsnack products First lien seniorsecured loan 10.99% SOFR (S) 5.75% 04/2022 10/2029 5.5 5.5 5.5 (2)(11) First lien seniorsecured loan 12.24% SOFR (S) 7.00% 12/2022 10/2029 1.3 1.3 1.3 (2)(11) First lien seniorsecured loan 11.49% SOFR (S) 6.25% 11/2023 10/2029 2.7 2.7 2.7 (2)(11) First lien seniorsecured loan 10.27% SOFR (M) 5.75% 12/2024 10/2029 27.6 27.6 26.8 (2)(11) 37.1 36.3 Manna ProProducts, LLC (15) Manufacturer andsupplier of specialtynutrition and careproducts for animals First lien seniorsecured revolvingloan 10.53% SOFR (S) 6.00% 12/2020 12/2026 5.1 5.1 4.2 (2)(11) First lien seniorsecured revolvingloan 12.50% Base Rate(Q) 5.00% 12/2020 12/2026 1.8 1.8 1.4 (2)(11) 6.9 5.6 Max US Bidco Inc. Manufacturer ofpremium dry dogfood First lien seniorsecured loan 9.36% SOFR (M) 5.00% 10/2023 10/2030 1.0 0.9 1.0 (2)(18) RB HoldingsInterCo, LLC (15) Manufacturer of petfood and treats First lien seniorsecured revolvingloan 9.56% SOFR (M) 5.00% 05/2022 05/2028 1.5 1.5 1.5 (2)(11) First lien seniorsecured loan 9.62% SOFR (M) 5.00% 05/2022 05/2028 11.3 11.3 11.0 (2)(11) 12.8 12.5 Sugar PPC BuyerLLC (15) Manufacturer anddistributor of foodproducts First lien seniorsecured loan 9.69% SOFR (M) 5.25% 10/2023 10/2030 15.7 15.7 15.7 (2)(11) Teasdale Foods, Inc.and Familia GroupHoldings Inc. Provider of beans,sauces and hominyto the retail,foodservice andwholesale channels First lien seniorsecured loan 11.99% SOFR (Q) 7.25% 12/2020 12/2025 75.9 75.9 72.9 (2)(11) Warrant topurchase shares ofcommon stock 02/2019 02/2034 57,827 — — (2) 75.9 72.9 Triton WaterHoldings, Inc. Producer andprovider of bottledwater brands First lien seniorsecured loan 7.84% SOFR (Q) 3.25% 03/2021 03/2028 1.0 1.0 1.0 (2)(11)(18) Seniorsubordinated loan 6.25% 03/2021 04/2029 0.1 0.1 0.1 (2)(18) 1.1 1.1 Watermill Express,LLC and WatermillExpress Holdings,LLC (15) Owner and operatorof self-service waterand ice stations First lien seniorsecured revolvingloan 9.81% SOFR (Q) 5.25% 04/2021 07/2029 0.4 0.4 0.4 (2)(11)(14) F-139
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value First lien seniorsecured loan 9.73% SOFR (Q) 5.25% 04/2021 07/2029 20.7 20.7 20.7 (2)(11) First lien seniorsecured loan 9.74% SOFR (Q) 5.25% 01/2024 07/2029 5.6 5.6 5.6 (2)(11) First lien seniorsecured loan 9.23% SOFR (Q) 4.75% 08/2024 07/2029 0.9 0.9 0.9 (2)(11) Class A units 04/2021 282,200 3.1 5.8 30.7 33.4 479.4 479.6 Automobiles andComponents Automotive KeysGroup, LLC andAutomotive KeysInvestor, LLC Provider ofreplacementwireless keys forautomotive market First lien seniorsecured loan 10.98% SOFR (Q) 6.50% 12/2021 11/2025 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 10.98% SOFR (Q) 6.50% 12/2022 11/2025 4.7 4.7 4.2 (2)(11) Preferred units 11/2020 4,113,113 5.1 0.3 (2) Preferred units 11/2020 1,095,046 1.1 0.1 (2) Class A commonunits 11/2020 5,208,159 — — (2) 11.0 4.7 Collision SP Subco,LLC (15) Provider of autobody collisionrepair services First lien seniorsecured revolvingloan 10.09% SOFR (Q) 5.50% 01/2024 01/2030 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 10.09% SOFR (Q) 5.50% 01/2024 01/2030 6.9 6.9 6.9 (2)(11) 7.0 7.0 ContinentalAcquisitionHoldings, Inc. Distributor ofaftermarketbatteries to theelectric utilityvehicle, automotive,commercial, marineand industrialmarkets First lien seniorsecured loan 7.41% SOFR (Q) 2.93% 01/2021 01/2027 37.8 37.0 29.1 (2)(11) First lien seniorsecured loan 7.41% SOFR (Q) 2.93% 12/2021 01/2027 5.6 5.5 4.3 (2)(11) 42.5 33.4 Eckler PurchaserLLC (5) Restoration partsand accessoriesprovider for classicautomobiles Class A commonunits 07/2012 67,972 — — (2) Faraday Buyer, LLC(15) Manufacturer andsupplier for thepower utility andautomotive marketsworldwide First lien seniorsecured loan 10.33% SOFR (Q) 6.00% 10/2022 10/2028 54.9 54.9 54.9 (2)(11) First lien seniorsecured loan 10.33% SOFR (Q) 6.00% 11/2023 10/2028 7.8 7.8 7.8 (2)(11) 62.7 62.7 Faraday&Future Inc.,FF Inc., FaradaySPE, LLC andFaraday FutureIntelligent ElectricInc. Electric vehiclemanufacturer Warrant topurchase sharesof Class Acommon stock 08/2021 08/2027 27,824,527 2.3 — (2) Highline AftermarketAcquisition, LLC,Highline AftermarketSC Acquisition, Inc.and Highline PPCBlocker LLC (15) Manufacturer anddistributor ofautomotive fluids First lien seniorsecured revolvingloan 11/2020 08/2027 — — — (2)(13) Second liensenior securedloan 11.83% SOFR (Q) 7.25% 11/2020 11/2028 70.4 70.4 70.4 (2)(11) Co-invest units 11/2020 59,230 5.9 10.0 (2) 76.3 80.4 F-140
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value New ChurcHillHoldCo LLC andVictory Topco, LP(15) Operator ofcollision repaircenters First lien seniorsecured loan 9.83% SOFR (Q) 5.50% 11/2023 11/2029 14.4 14.4 14.4 (2)(11) Class A-2common units 11/2023 20,170 2.0 3.4 (2) 16.4 17.8 Sun Acquirer Corp.and Sun TopCo, LP(15) Automotive partsand repair servicesretailer First lien seniorsecured revolvingloan 09/2021 09/2027 — — — (2)(13) First lien seniorsecured loan 9.36% SOFR (M) 5.00% 09/2021 09/2028 52.8 52.6 52.8 (2)(11) First lien seniorsecured loan 9.36% SOFR (M) 5.00% 11/2021 09/2028 16.6 16.6 16.6 (2)(11) First lien seniorsecured loan 9.36% SOFR (M) 5.00% 06/2022 09/2028 9.5 9.5 9.5 (2)(11) First lien seniorsecured loan 9.36% SOFR (M) 5.00% 11/2024 09/2028 0.9 0.9 0.9 (2)(11) Class A units 09/2021 79,688 8.0 10.6 (2) 87.6 90.4 Truck-Lite Co.,LLC, Ecco HoldingsCorp. and ClarienceTechnologies, LLC(15) Provider of globaltransportation safetyand productivityapplications First lien seniorsecured loan 10.27% SOFR (Q) 5.75% 02/2024 02/2031 80.9 80.9 80.9 (2)(11) Class A commonunits 02/2024 2,501 6.2 6.5 87.1 87.4 392.9 383.8 Materials ASP-r-pacAcquisition CO LLCand ASP-r-pacHoldings LP (15) Manufacturer andsupplier of printedpackaging andtrimmings First lien seniorsecured revolvingloan 10.47% SOFR (M) 6.00% 12/2021 12/2027 1.2 1.2 1.2 (2)(11) First lien seniorsecured loan 10.85% SOFR (Q) 6.00% 12/2021 12/2027 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 10.57% SOFR (M) 6.00% 10/2024 12/2027 3.3 3.3 3.3 (2)(11) Class A units 12/2021 195,990 19.6 13.9 (2) 24.2 18.5 Halex Holdings, Inc.(5) Manufacturer offlooring installationproducts Common stock 01/2017 51,853 — — H-Food Holdings,LLC and MatterhornParent, LLC Food contractmanufacturer First lien seniorsecured loan 12/2021 05/2025 0.1 0.1 0.1 (2)(10) First lien seniorsecured loan 06/2022 05/2025 24.5 23.5 16.1 (2)(10) First lien seniorsecured loan 07/2022 05/2025 3.3 3.2 2.1 (2)(10) Second liensenior securedloan 11/2018 03/2026 73.0 3.8 3.8 (2)(10) Common units 11/2018 5,827 5.8 — 36.4 22.1 Meyer Laboratory,LLC and MeyerParent, LLC (15) Provider ofindustrial andinstitutionalcleaning chemicalsand applicationsystems First lien seniorsecured loan 9.61% SOFR (M) 5.25% 02/2024 02/2030 27.1 27.1 27.1 (2)(11) Common units 02/2024 440,000 0.4 0.5 27.5 27.6 Nelipak HoldingCompany, NelipakEuropean HoldingsCooperatief U.A.,KNPAK Holdings,LP and PAKNKNetherlandsTreasury B.V. (15) Manufacturer ofthermoformedpackaging formedical devices First lien seniorsecured revolvingloan 9.86% SOFR (M) 5.50% 03/2024 03/2031 1.1 1.1 1.1 (2)(6)(11) F-141
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value First lien seniorsecured revolvingloan 8.32% Euribor(M) 5.50% 03/2024 03/2031 0.6 0.6 0.5 (2)(6)(11) First lien seniorsecured loan 9.86% SOFR (M) 5.50% 03/2024 03/2031 16.5 16.5 16.2 (2)(6)(11) First lien seniorsecured loan 8.36% Euribor(M) 5.50% 03/2024 03/2031 32.1 33.6 31.4 (2)(6)(11) Class A units 07/2019 6,762,668 6.8 7.0 (2)(6) 58.6 56.2 Novipax Buyer,L.L.C. and NovipaxParent HoldingCompany, L.L.C. Developer andmanufacturer ofabsorbent pads forfood products First lien seniorsecured loan 12.71%(1.00%PIK) SOFR (M) 8.25% 12/2020 12/2026 22.1 22.1 20.3 (2)(11) First lien seniorsecured loan 12.71%(1.00%PIK) SOFR (M) 8.25% 12/2022 12/2026 0.3 0.3 0.2 (2)(11) Class A preferredunits 12/2020 4,772 4.6 2.7 (2) Class C units 12/2020 4,772 — — (2) 27.0 23.2 Plaskolite PPCIntermediate II LLCand Plaskolite PPCBlocker LLC Manufacturer ofspecialized acrylicand polycarbonatesheets First lien seniorsecured loan 8.78% SOFR (Q) 4.00% 12/2018 12/2025 22.1 21.8 21.4 (2)(11)(18) Second liensenior securedloan 12.12% SOFR (S) 7.25% 12/2018 12/2026 55.0 55.0 53.3 (2)(11) Preferred units 15.00%PIK 10/2023 841 0.1 — (2) Co-Invest units 12/2018 5,969 0.6 0.3 (2) 77.5 75.0 Precision ConceptsInternational LLCand PrecisionConcepts CanadaCorporation (15) Manufacturer ofdiversifiedpackaging solutionsand plastic injectionmolded products First lien seniorsecured revolvingloan 9.93% SOFR (Q) 5.50% 01/2019 04/2026 3.6 3.6 3.6 (2)(6)(11) First lien seniorsecured revolvingloan 12.00% Base Rate(Q) 4.50% 01/2019 04/2026 0.7 0.7 0.7 (2)(6)(11) First lien seniorsecured loan 9.93% SOFR (Q) 5.50% 01/2019 04/2026 11.5 11.5 11.5 (2)(6)(11) First lien seniorsecured loan 9.93% SOFR (Q) 5.50% 06/2021 04/2026 0.1 0.1 0.1 (2)(6)(11) First lien seniorsecured loan 9.93% SOFR (Q) 5.50% 05/2022 04/2026 0.1 0.1 0.1 (2)(6)(11) 16.0 16.0 Reagent Chemical &Research, LLC (15) Supplier of liquidhydrochloric acid First lien seniorsecured revolvingloan 04/2024 04/2030 — — — (2)(11)(13) First lien seniorsecured loan 9.61% SOFR (M) 5.25% 04/2024 04/2031 47.6 47.6 47.6 (2)(11) 47.6 47.6 SCI PH Parent, Inc. Industrial containermanufacturer,reconditioner andservicer Series B shares 08/2018 11 1.1 2.1 (2) Vobev, LLC andVobev Holdings,LLC (15) Producer and fillerof aluminumbeverage cans First lien seniorsecured loan 13.36%PIK SOFR (M) 9.00% 12/2024 03/2025 3.4 3.3 3.4 (2) First lien seniorsecured loan 04/2023 04/2028 63.9 62.6 19.2 (2)(10) First lien seniorsecured loan 01/2024 04/2028 5.7 5.6 1.7 (2)(10) First lien seniorsecured loan 05/2024 04/2028 8.4 8.0 2.5 (2)(10) First lien seniorsecured loan 09/2024 04/2028 4.2 4.1 1.3 (2)(10) First lien seniorsecured loan 11/2024 04/2028 2.5 2.4 0.7 (2)(10) Warrant topurchase sharesof ordinary shares 04/2023 11/2033 4,378 — — (2) F-142
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value Warrant topurchase units ofclass B units 11/2023 04/2028 59,450 — — (2) 86.0 28.8 401.9 317.1 Household andPersonal Products Beacon WellnessBrands, Inc. andCDI Holdings ICorp. (15) Provider of personalcare appliances First lien seniorsecured loan 10.71%(0.50%PIK) SOFR (M) 6.25% 12/2021 12/2027 3.7 3.7 3.6 (2)(11) Common stock 12/2021 6,149 6.1 3.6 (2) 9.8 7.2 FoundationConsumer Brands,LLC Pharmaceuticalholding company ofover the counterbrands First lien seniorsecured loan 10.89% SOFR (Q) 6.25% 02/2021 02/2027 12.6 12.5 12.6 (2)(11) First lien seniorsecured loan 10.89% SOFR (Q) 6.25% 06/2023 02/2027 0.2 0.2 0.2 (2)(11) 12.7 12.8 LifeStyles BidcoLtd., Lifestyles USHoldco, Inc. andLifeStyles Parent,L.P. Provider of intimatewellness products First lien seniorsecured loan 11.08% SOFR (Q) 6.75% 11/2022 11/2028 18.3 18.3 18.3 (2)(6)(11) First lien seniorsecured loan 10.81% SOFR (Q) 6.50% 12/2023 11/2028 8.3 8.8 8.3 (2)(6)(11) Preferred units 8.00%PIK 11/2022 3,178 3.7 3.7 (2)(6) Class B commonunits 11/2022 32,105 — 1.0 (2)(6) 30.8 31.3 Premier Specialties,Inc. and RMCF VCIV XLIV, L.P. (15) Manufacturer andsupplier of naturalfragrance materialsand cosmeceuticals First lien seniorsecured revolvingloan 11.46% SOFR (M) 7.00% 08/2021 08/2027 1.0 1.0 1.0 (2)(11) First lien seniorsecured loan 11.46%(3.50%PIK) SOFR (M) 7.00% 08/2021 08/2027 28.0 28.0 26.3 (2)(11) Limited partnerinterests 08/2021 4.03% 5.0 3.0 (2) 34.0 30.3 RD Holdco Inc. (5) Manufacturer andmarketer of carpetcleaning machines Seniorsubordinated loan 01/2017 10/2026 32.6 22.0 14.2 (2)(10) Seniorsubordinated loan 04/2023 10/2026 1.2 0.9 0.5 (2)(10) Common stock 01/2017 458,596 14.0 — 36.9 14.7 Silk Holdings IIICorp. and SilkHoldings I Corp.(15) Producer of personalcare products First lien seniorsecured revolvingloan 8.33% SOFR (Q) 4.00% 05/2023 05/2029 0.1 0.1 0.1 (2)(11) First lien seniorsecured loan 9.83% SOFR (Q) 5.50% 05/2023 05/2029 5.4 5.4 5.4 (2)(11) First lien seniorsecured loan 9.83% SOFR (Q) 5.50% 05/2024 05/2029 55.9 55.9 55.9 (2)(11) Common stock 05/2023 14,199 14.2 37.4 (2) 75.6 98.8 TCI Buyer LLC andTCI Holdings, LP(15) Contract formulatorand manufacturer ofbeauty and personalcare products First lien seniorsecured loan 9.09% SOFR (M) 4.75% 11/2024 11/2030 33.6 33.6 33.1 (2)(11) Common stock 11/2024 24,010 2.4 2.4 (2) 36.0 35.5 Walnut Parent, Inc. Manufacturer ofnatural solution pestand animal controlproducts First lien seniorsecured loan 9.96% SOFR (M) 5.50% 11/2020 11/2027 14.3 14.3 13.9 (2)(11) F-143
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value First lien seniorsecured loan 9.96% SOFR (M) 5.50% 04/2022 11/2027 0.1 0.1 0.1 (2)(11) 14.4 14.0 250.2 244.6 Energy GNZ Energy BidcoLimited and GalileoCo-investment TrustI (15) Independent fuelprovider in NewZealand First lien seniorsecured loan 10.60% BKBM (Q) 6.00% 05/2022 07/2027 27.2 30.5 27.2 (2)(6)(11) Common units 07/2022 17,616,667 5.1 8.4 (2)(6) 35.6 35.6 HighPeak Energy,Inc. Oil and gasexploration andproduction company First lien seniorsecured loan 11.98% SOFR (Q) 7.50% 09/2023 09/2026 82.7 81.4 82.7 (2)(6)(11) MurchisonHoldings, LLC Exploration andproduction company Preferred units 06/2022 41,000 — 6.7 Offen, Inc. Distributor of fuel,lubricants, dieselexhaust fluid, andpremium additives First lien seniorsecured loan 9.47% SOFR (M) 5.00% 05/2022 06/2026 0.1 0.1 0.1 (2) VPROP Operating,LLC and V SandCo,LLC (5)(15) Sand-basedproppant producerand distributor to theoil and natural gasindustry First lien seniorsecured loan 14.21%PIK SOFR (M) 9.50% 03/2017 11/2026 28.0 28.0 28.0 (2)(11) First lien seniorsecured loan 14.21%PIK SOFR (M) 9.50% 06/2020 11/2026 6.2 6.2 6.2 (2)(11) First lien seniorsecured loan 14.21%PIK SOFR (M) 9.50% 11/2020 11/2026 5.1 5.1 5.1 (2)(11) First lien seniorsecured loan 13.85%PIK SOFR (M) 9.50% 12/2024 11/2026 4.5 4.5 4.5 (2)(11) Class A units 11/2020 347,900 32.8 32.0 (2) 76.6 75.8 193.7 200.9 TechnologyHardware andEquipment Chariot Buyer LLC(15) Provider of smartaccess solutionsacross residentialand commercialproperties First lien seniorsecured loan 8.11% SOFR (M) 3.75% 01/2024 11/2028 0.1 0.1 0.1 (2)(11)(18) EverspinTechnologies, Inc. Designer andmanufacturer ofcomputer memorysolutions Warrant topurchase sharesof common stock 10/2016 10/2026 18,461 0.4 — ExcelitasTechnologies Corp.(15) Provider of photonicsolutions First lien seniorsecured loan 9.61% SOFR (M) 5.25% 05/2024 08/2029 7.1 7.1 7.1 (2)(11) FL HawkIntermediateHoldings, Inc. (15) Provider of variabledata labeling for theapparel industry First lien seniorsecured loan 8.83% SOFR (Q) 4.50% 10/2024 02/2030 9.3 9.2 9.3 (2)(11) ITI Holdings, Inc.(15) Provider ofinnovative softwareand equipment formotor vehicleagencies First lien seniorsecured revolvingloan 9.96% SOFR (M) 5.50% 03/2022 03/2028 2.7 2.7 2.7 (2)(11) First lien seniorsecured revolvingloan 12.00% Base Rate(Q) 4.50% 03/2022 03/2028 1.4 1.4 1.4 (2)(11) First lien seniorsecured loan 10.05% SOFR (Q) 5.50% 03/2022 03/2028 34.3 34.3 34.3 (2)(11) 38.4 38.4 PerkinElmer U.S.LLC and NM PolarisCo-Invest, L.P. (15) Provider ofanalyticalinstrumentation andtesting equipmentand services First lien seniorsecured loan 9.34% SOFR (M) 5.00% 03/2023 03/2029 17.2 17.2 17.2 (2)(11) First lien seniorsecured loan 9.34% SOFR (M) 5.00% 10/2023 03/2029 2.8 2.8 2.8 (2)(11) F-144
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) BusinessDescription Investment Coupon(3) Reference(7) Spread(3) AcquisitionDate MaturityDate Shares/Units Principal AmortizedCost Fair Value First lien seniorsecured loan 9.34% SOFR (M) 5.00% 05/2024 03/2029 3.2 3.2 3.2 (2)(11) Class A-2 units 01/2022 34,832 4.8 5.4 Limitedpartnershipinterests 03/2023 0.55% 9.9 15.1 (2) 37.9 43.7 Repairify, Inc. andRepairify Holdings,LLC (15) Provider ofautomotivediagnostics scansand solutions First lien seniorsecured revolvingloan 9.95% SOFR (S) 5.00% 06/2021 06/2027 7.3 7.3 7.3 (2)(11) Class A commonunits 06/2021 163,820 4.9 4.2 (2) 12.2 11.5 105.3 110.1 Gas Utilities Ferrellgas, L.P. andFerrellgas Partners,L.P. Distributor ofpropane and relatedaccessories Senior preferredunits 8.96% 03/2021 64,155 64.2 64.8 Class B units 09/2022 95,354 15.4 19.7 (2) 79.6 84.5 Opal FuelsIntermediate HoldCoLLC, and Opal FuelsInc. Owner of naturalgas facilities First lien seniorsecured loan 7.83% SOFR (M) 3.50% 09/2023 09/2028 0.1 0.1 0.1 (2)(6) Class A commonstock 07/2022 3,059,533 23.3 10.4 (6)(18) 23.4 10.5 103.0 95.0 TelecommunicationServices Expereo USA, Inc.and Ristretto BidcoB.V. (15) Global internetmanaged serviceprovider First lien seniorsecured loan 10.40% SOFR (Q) 6.00% 12/2024 12/2030 56.0 56.0 55.5 (2)(6)(11) 56.0 55.5 Transportation Nordic FerryInfrastructure AS Private passenger& freight ferrytransportationcompany Seniorsubordinated loan 7.91% Euribor (Q) 5.00% 11/2024 11/2031 0.1 0.1 0.1 (2)(6) Seniorsubordinated loan 9.70% NIBOR (Q) 5.00% 11/2024 11/2031 0.1 0.1 0.1 (2)(6) 0.2 0.2 0.2 0.2 Total Investments $ 26,374.0 $ 26,719.9 (19) F-145
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Derivative Instruments Foreign currency forward contracts Description Notional Amount to bePurchased Notional Amount tobe Sold Counterparty Settlement Date Unrealized Appreciation /(Depreciation) Foreign currency forward contract $ 195 € 182 Canadian Imperial Bank of Commerce January 24, 2025 $ 6 Foreign currency forward contract $ 184 CAD 240 Canadian Imperial Bank of Commerce January 24, 2025 5 Foreign currency forward contract $ 109 € 103 Royal Bank of Canada January 24, 2025 4 Foreign currency forward contract $ 96 NOK 97 Royal Bank of Canada January 24, 2025 — Foreign currency forward contract $ 93 CAD 133 Royal Bank of Canada January 21, 2025 — Foreign currency forward contract $ 84 £ 68 Royal Bank of Canada August 21, 2026 — Foreign currency forward contract $ 84 £ 65 Royal Bank of Canada January 24, 2025 2 Foreign currency forward contract $ 76 £ 59 Canadian Imperial Bank of Commerce January 24, 2025 2 Foreign currency forward contract $ 41 NZD 68 Royal Bank of Canada January 24, 2025 3 Foreign currency forward contract $ 40 CAD 55 Royal Bank of Canada January 24, 2025 2 Foreign currency forward contract $ 19 £ 15 Canadian Imperial Bank of Commerce August 21, 2026 — Foreign currency forward contract $ 14 AUD 21 Canadian Imperial Bank of Commerce November 17, 2026 — Foreign currency forward contract $ 6 NOK 63 Canadian Imperial Bank of Commerce January 24, 2025 — Total $ 24 Interest rate swaps Description Hedged Item CompanyReceives Company Pays Counterparty Maturity Date NotionalAmount Fair Value UpfrontPayments/Receipts Change inUnrealizedAppreciation /(Depreciation) Interest rate swap January 2027 Notes 7.000 %SOFR +2.581% Wells Fargo Bank, N.A. 01/15/2027$ 900 $ 4 $ — $ (11) Interest rate swap March 2029 Notes 5.875 %SOFR +2.023% Wells Fargo Bank, N.A. 03/01/2029 1,000 (9) — (9) Interest rate swap July 2029 Notes 5.950 %SOFR +1.643% Wells Fargo Bank, N.A. 07/15/2029 850 7 — 7 Total $ 2,750 $ 2 $ — $ (13) ______________________________________________ (1) Other than the Company’s investments listed in footnote 5 below (subject to the limitations set forth therein), the Company does not “Control” any of its portfolio companies, for the purposes of the Investment Company Act. In general, under the Investment Company Act, the Company would “Control” a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. All of the Company’s portfolio company investments, which as of December 31, 2024 represented 200% of the Company’s net assets or 95% of the Company’s total assets, are subject to legal restrictions on sales. (2) These assets are pledged as collateral under the Company’s or the Company’s consolidated subsidiaries’ various revolving credit facilities and debt securitizations and, as a result, are not directly available to the creditors of the Company to satisfy any obligations of the Company other than the obligations under each of the respective facilities and debt securitizations (see Note 5). (3) Investments without an interest rate are non-income producing. F-146
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(4) As defined in the Investment Company Act, the Company is deemed to be an “Affiliated Person” because it owns 5% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2024 in which the issuer was an Affiliated Person of the Company (but not a portfolio company that the Company is deemed to Control) are as follows: For the Year Ended December 31, 2024 As ofDecember 31,2024 (in millions)Company Purchases(cost) Redemptions(cost) Sales(cost) Interestincome Capitalstructuringservice fees Dividendincome Otherincome Net realizedgains (losses) Net unrealizedgains (losses) Fair Value Apex Clean Energy TopCo,LLC $ 3.2 $ — $ — $ — $ — $ — $ — $ — $ 31.2 $ 222.3 APG Intermediate HoldingsCorporation and APG Holdings,LLC — 0.1 — 1.4 — — — — (4.9) 18.7 Bragg Live Food Products,LLC and SPC Investment Co.,L.P. — 3.5 — 2.8 — — 0.1 — 15.9 56.3 Centric Brands LLC, CentricBrands TopCo, LLC, andCentric Brands L.P. — — — 8.9 — — 0.1 — 20.8 102.8 Daylight Beta Parent LLC andCFCo, LLC — — — — — — — — (9.7) 2.5 ESCP PPG Holdings, LLC — — — — — — — — (0.8) 3.6 European Capital UK SMEDebt LP — 7.2 — — — 1.8 — — (1.8) 7.4 Fitness Ventures Holdings, Inc.and Meaningful PartnersFitness Ventures Co-InvestmentLP 51.7 — — 1.7 0.8 — 0.1 — 1.0 52.8 OPH NEP Investment, LLC 29.0 — — 2.1 0.7 — 0.1 — 1.6 32.1 PCG-Ares Sidecar InvestmentII, L.P. — — — — — — — — 4.1 22.3 PCG-Ares Sidecar Investment,L.P. — — — — — — — — (0.4) 0.6 Pluralsight, LLC andPluralsight Holdings, LLC andParadigmatic Holdco LLC 8.7 — — 1.6 — — 0.1 — (0.5) 54.9 Production Resource Group,L.L.C. and PRG III, LLC 26.8 1.9 — 14.4 1.3 — 1.4 — (40.1) 108.2 Shoes For crews Global, LLCand Shoes for crews Holdings,LLC — 0.1 — 0.7 — — — — 0.9 22.7 Totes Isotoner Corporation andTotes Ultimate Holdco, Inc. — 3.8 6.0 0.2 — — — (6.0) 6.1 — $ 119.4 $ 16.6 $ 6.0 $ 33.8 $ 2.8 $ 1.8 $ 1.9 $ (6.0) $ 23.4 $ 707.2 F-147
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(5) As defined in the Investment Company Act, the Company is deemed to be both an “Affiliated Person” and “Control” this portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2024 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are as follows: For the Year Ended December 31, 2024 As ofDecember 31,2024 (in millions)Company Purchases(cost) Redemptions(cost) Sales(cost) Interestincome Capitalstructuringservice fees Dividendincome Otherincome Net realizedgains (losses) Net unrealizedgains (losses) Fair Value Absolute Dental Group LLCand Absolute Dental Equity,LLC $ 29.9 $ 26.0 $ 3.9 $ 8.7 $ — $ — $ 0.1 $ (3.8) $ (12.2) $ 67.3 ACAS Equity HoldingsCorporation — — — — — — — — — 0.5 ADF Capital, Inc., ADFRestaurant Group, LLC, andARG Restaurant Holdings, Inc. — — — — — — — — — — ADG, LLC, GEDC Equity,LLC and RC IV GEDCInvestor LLC 7.8 — — 5.2 — — 0.1 — (18.2) 59.4 Eckler Industries, Inc. andEckler Purchaser LLC — — — — — — — — — — Halex Holdings, Inc. — — — — — — — — — — HCI Equity, LLC — — — — — — — — — — Heelstone Renewable Energy,LLC and Heelstone RenewableEnergy Investors, LLC — 91.0 80.8 3.5 — — — 146.2 (114.3) — Imaging Business Machines,L.L.C. and Scanner HoldingsCorporation — — — 2.6 — — 0.5 — (0.5) 66.2 Ivy Hill Asset Management,L.P. 412.2 474.2 — 1.7 — 285.0 — — (9.2) 1,915.3 Olympia Acquisition, Inc.,Olympia TopCo, L.P., andAsclepius Holdings LLC — 0.3 — 0.6 — — 0.1 (0.3) (5.4) 38.0 Potomac IntermediateHoldings II LLC 25.1 — — — — — — — 247.4 350.6 PS Operating Company LLCand PS Op Holdings LLC 5.6 3.8 — 0.1 — — — — (14.9) 9.1 RD Holdco Inc. — — — — — — — — 0.8 14.7 S Toys Holdings LLC (fka TheStep2 Company, LLC) — — — — — — — — — — Senior Direct LendingProgram, LLC 210.8 263.8 — 172.9 12.5 — 4.5 0.1 (43.0) 1,192.0 Startec Equity, LLC — — — — — — — — — — SHO Holding I Corporation,Shoes For Crews (Europe)Limited and Never Slip TopCo,Inc. 1.1 118.5 — (1.0) 0.1 — — (118.7) 87.8 — Visual Edge Technology, Inc. — 0.3 — 4.8 — 5.1 0.1 — (4.6) 78.7 VPROP Operating, LLC and VSandCo, LLC 4.5 — — 5.8 — — — — (29.0) 75.8 $ 697.0 $ 977.9 $ 84.7 $ 204.9 $ 12.6 $ 290.1 $ 5.4 $ 23.5 $ 84.7 $ 3,867.6 ______________________________________________________________________ * Together with Varagon and its clients, the Company has co-invested through the Senior Direct Lending Program LLC (d/b/a the “Senior Direct Lending Program” or the “SDLP”). The SDLP has been capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the SDLP must be approved by an investment committee of the SDLP consisting of representatives of the Company and Varagon (with approval from a representative of each required); therefore, although the Company owns more than 25% of the voting securities of the SDLP, the Company does not believe that it has control over the SDLP (for purposes of the Investment Company Act or otherwise) because, among other things, these “voting securities” do not afford the Company the right to elect directors of the SDLP or any other special rights (see Note 4). F-148
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(6) This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. Pursuant to Section 55(a) of the Investment Company Act, 22% of the Company's total assets are represented by investments at fair value and other assets that are considered “non-qualifying assets” as of December 31, 2024. (7) Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR”) or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually (A), semi-annually (S), quarterly (Q), bi-monthly (B), monthly (M) or daily (D). For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. (8) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.00% on $38.7 in aggregate principal amount of a “first out” tranche of the portfolio company’s senior term debt previously syndicated by the Company into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. (9) The Company sold a participating interest of approximately $32.0 in aggregate principal amount outstanding of the portfolio company’s first lien senior secured revolving loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding $32.0 secured borrowing, at fair value, included in “secured borrowings” in the accompanying consolidated balance sheet. As of December 31, 2024, the interest rate in effect for the secured borrowing was 12.15%. (10) Loan was on non-accrual status as of December 31, 2024. (11) Loan includes interest rate floor feature. (12) In addition to the interest earned based on the stated contractual interest rate of this security, the certificates entitle the holders thereof to receive a portion of the excess cash flow from the SDLP’s loan portfolio, after expenses, which may result in a return to the Company greater than the contractual stated interest rate. (13) As of December 31, 2024, no amounts were funded by the Company under this first lien senior secured revolving loan; however, there were letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies. (14) As of December 31, 2024, in addition to the amounts funded by the Company under this first lien senior secured revolving loan, there were also letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies. (15) As of December 31, 2024, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 7 for further information on revolving anddelayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies. F-149
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(in millions)Portfolio Company Total revolvingand delayed drawloan commitments Less: fundedcommitments Total unfundedcommitments Less:commitmentssubstantially atdiscretion of theCompany Less: unavailablecommitments dueto borrowing baseor other covenantrestrictions Total net unfundedrevolving anddelayed drawcommitments 3 Step Sports LLC $ 10.4 $ — $ 10.4 $ — $ (10.0) $ 0.4 760203 N.B. LTD. 7.4 — 7.4 — — 7.4 Absolute Dental Group LLC and Absolute Dental Equity, LLC 15.6 (14.5) 1.1 — — 1.1 Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc. 14.1 — 14.1 — — 14.1 Accommodations Plus Technologies LLC and Accommodations PlusTechnologies Holdings LLC 4.1 — 4.1 — — 4.1 Actfy Buyer, Inc. 24.8 — 24.8 — — 24.8 Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP 3.6 — 3.6 — — 3.6 ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC 12.3 — 12.3 — — 12.3 Aduro Advisors, LLC 7.4 — 7.4 — — 7.4 Advarra Holdings, Inc. 0.4 — 0.4 — — 0.4 Aerin Medical Inc. 6.5 — 6.5 — — 6.5 AI Fire Buyer, Inc. and AI Fire Parent LLC 9.5 (1.5) 8.0 — — 8.0 AI Titan Parent, Inc. 18.5 — 18.5 — — 18.5 Airx Climate Solutions, Inc. 9.9 — 9.9 — — 9.9 Alcami Corporation and ACM Note Holdings, LLC 1.9 (0.1) 1.8 — — 1.8 Aldinger Company Inc 5.1 — 5.1 — — 5.1 Alera Group, Inc. 0.6 — 0.6 — — 0.6 AMCP Clean Acquisition Company, LLC 4.0 — 4.0 — — 4.0 American Residential Services L.L.C. and Aragorn Parent Holdings LP 10.0 (2.7) 7.3 — — 7.3 Amerivet Partners Management, Inc. and AVE Holdings LP 6.3 — 6.3 — — 6.3 Anaplan, Inc. 1.4 — 1.4 — — 1.4 Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua 55.4 — 55.4 — — 55.4 Apex Service Partners, LLC and Apex Service Partners Holdings, LLC 62.0 (6.2) 55.8 — — 55.8 APG Intermediate Holdings Corporation and APG Holdings, LLC 0.1 — 0.1 — — 0.1 Applied Technical Services, LLC 9.6 (6.6) 3.0 — — 3.0 Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. 0.1 — 0.1 — — 0.1 Aptean, Inc. and Aptean Acquiror Inc. 0.8 — 0.8 — — 0.8 AQ Sage Buyer, LLC 0.7 (0.4) 0.3 — — 0.3 AQ Sunshine, Inc. 37.5 (1.1) 36.4 — — 36.4 Argenbright Holdings V, LLC, Amberstone Security Group Limited, UnifiAviation North America LLC and Unifi Aviation Canada, Inc. 11.3 — 11.3 — — 11.3 Artifact Bidco, Inc. 6.9 — 6.9 — — 6.9 Artivion, Inc. 7.8 (0.9) 6.9 — — 6.9 ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP 6.2 (1.2) 5.0 — — 5.0 AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP 9.0 — 9.0 — — 9.0 ATI Restoration, LLC 45.4 (11.5) 33.9 — — 33.9 Avalara, Inc. 2.7 — 2.7 — — 2.7 Avalign Holdings, Inc. and Avalign Technologies, Inc. 5.3 (1.6) 3.7 — — 3.7 Badia Spices, LLC 16.8 — 16.8 — — 16.8 Bamboo US BidCo LLC 19.4 — 19.4 — — 19.4 Banyan Software Holdings, LLC and Banyan Software, LP 12.5 (1.0) 11.5 — — 11.5 BCPE Pequod Buyer, Inc. 8.6 — 8.6 — — 8.6 Beacon Pointe Harmony, LLC 9.3 — 9.3 — — 9.3 Beacon Wellness Brands, Inc. and CDI Holdings I Corp. 0.5 — 0.5 — — 0.5 Belfor Holdings, Inc. 58.5 (6.2) 52.3 — — 52.3 Benecon Midco II LLC and Benecon Holdings, LLC 8.7 — 8.7 — — 8.7 Berner Food & Beverage, LLC 1.7 — 1.7 — — 1.7 BGI Purchaser, Inc. 35.3 (10.5) 24.8 — — 24.8 BGIF IV Fearless Utility Services, Inc. 15.2 (0.2) 15.0 — — 15.0 BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, andBlueHalo, LLC 3.0 (2.8) 0.2 — — 0.2 BNZ TopCo B.V. 19.9 — 19.9 — — 19.9 Bobcat Purchaser, LLC and Bobcat Topco, L.P. 2.5 — 2.5 — — 2.5 Borrower R365 Holdings LLC 1.5 — 1.5 — — 1.5 Bottomline Technologies, Inc. and Legal Spend Holdings, LLC 2.3 — 2.3 — — 2.3 F-150
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(in millions)Portfolio Company Total revolvingand delayed drawloan commitments Less: fundedcommitments Total unfundedcommitments Less:commitmentssubstantially atdiscretion of theCompany Less: unavailablecommitments dueto borrowing baseor other covenantrestrictions Total netunfundedrevolving anddelayed drawcommitments BradyPlus Holdings, LLC 3.0 — 3.0 — — 3.0 Bragg Live Food Products, LLC and SPC Investment Co., L.P. 4.4 — 4.4 — — 4.4 Broadcast Music, Inc. 4.2 — 4.2 — — 4.2 Businessolver.com, Inc. 1.5 — 1.5 — — 1.5 Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. andCapstone Parent Holdings, LP 28.1 (14.3) 13.8 — — 13.8 Captive Resources Midco, LLC 1.6 — 1.6 — — 1.6 Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. 5.0 — 5.0 — — 5.0 Center for Autism and Related Disorders, LLC 9.5 (9.5) — — — — Centralsquare Technologies, LLC and Supermoose Newco, Inc. 15.8 (0.4) 15.4 — — 15.4 Chariot Buyer LLC 12.3 — 12.3 — — 12.3 City Line Distributors LLC and City Line Investments LLC 2.7 — 2.7 — — 2.7 Clarion Home Services Group, LLC and LBC Breeze Holdings LLC 1.4 (0.7) 0.7 — — 0.7 Cliffwater LLC 1.0 — 1.0 — — 1.0 Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings,Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P. 19.0 — 19.0 — — 19.0 CMG HoldCo, LLC and CMG Buyer Holdings, Inc. 33.6 (3.4) 30.2 — — 30.2 Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. 21.1 (0.7) 20.4 — — 20.4 Collision SP Subco, LLC 2.1 (0.1) 2.0 — — 2.0 Compex Legal Services, Inc. 3.6 (1.8) 1.8 — — 1.8 Comprehensive EyeCare Partners, LLC 2.0 (2.0) — — — — Computer Services, Inc. 38.5 — 38.5 — — 38.5 Concert Golf Partners Holdco LLC 34.6 — 34.6 — — 34.6 Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings,L.P. 14.7 (9.5) 5.2 — — 5.2 Convera International Holdings Limited and Convera International Financial S.AR.L. 2.3 — 2.3 — — 2.3 CoreLogic, Inc. and T-VIII Celestial Co-Invest LP 38.9 — 38.9 — — 38.9 Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. 0.9 — 0.9 — — 0.9 Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. 38.7 (10.2) 28.5 — — 28.5 Coupa Holdings, LLC and Coupa Software Incorporated 0.9 — 0.9 — — 0.9 Cradle Lux Bidco S.A.R.L. 4.0 — 4.0 — — 4.0 Creek Parent, Inc. and Creek Feeder, L.P. 30.1 — 30.1 — — 30.1 Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC 0.1 (0.1) — — — — CST Holding Company 1.9 — 1.9 — — 1.9 CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC 56.4 — 56.4 — — 56.4 Datix Bidco Limited and RL Datix Holdings (USA), Inc. 47.1 (2.3) 44.8 — — 44.8 Davidson Hotel Company LLC 4.1 (0.7) 3.4 — — 3.4 DecoPac, Inc. and KCAKE Holdings Inc. 19.9 (4.6) 15.3 — — 15.3 Demakes Borrower, LLC 1.8 — 1.8 — — 1.8 Denali Holdco LLC and Denali Apexco LP 24.3 — 24.3 — — 24.3 DFC Global Facility Borrower III LLC 70.1 (59.4) 10.7 — — 10.7 DFS Holding Company, Inc. 0.3 — 0.3 — — 0.3 Diamond Mezzanine 24 LLC 4.8 (1.0) 3.8 — — 3.8 Diligent Corporation and Diligent Preferred Issuer, Inc. 5.4 — 5.4 — — 5.4 Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. 9.3 (0.6) 8.7 — — 8.7 Dorado Bidco, Inc. 8.4 — 8.4 — — 8.4 DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP 15.0 — 15.0 — — 15.0 DP Flores Holdings, LLC 11.4 — 11.4 — — 11.4 DriveCentric Holdings, LLC 1.7 — 1.7 — — 1.7 Drogon Bidco Inc. & Drogon Aggregator LP 9.7 — 9.7 — — 9.7 DRS Holdings III, Inc. and DRS Holdings I, Inc. 10.8 — 10.8 — — 10.8 Duraserv LLC 5.3 — 5.3 — — 5.3 Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP 9.6 (4.4) 5.2 — — 5.2 Echo Purchaser, Inc. 3.9 (1.4) 2.5 — — 2.5 Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. 50.4 — 50.4 — — 50.4 F-151
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(in millions)Portfolio Company Total revolvingand delayed drawloan commitments Less: fundedcommitments Total unfundedcommitments Less:commitmentssubstantially atdiscretion of theCompany Less: unavailablecommitments dueto borrowing baseor other covenantrestrictions Total netunfundedrevolving anddelayed drawcommitments Edmunds Govtech, Inc. 24.7 (1.7) 23.0 — — 23.0 EIS Legacy Holdco, LLC 26.5 — 26.5 — — 26.5 Elemica Parent, Inc. & EZ Elemica Holdings, Inc. 7.3 (7.3) — — — — Elevation Services Parent Holdings, LLC 3.5 (2.4) 1.1 — — 1.1 Empower Payments Investor, LLC 1.3 — 1.3 — — 1.3 Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc. 16.7 (0.3) 16.4 — — 16.4 eResearch Technology, Inc. and Astorg VII Co-Invest ERT 15.0 — 15.0 — — 15.0 ESHA Research, LLC and RMCF VI CIV XLVIII, L.P. 1.1 (0.9) 0.2 — — 0.2 Essential Services Holding Corporation and OMERS Mahomes InvestmentHoldings LLC 49.3 (4.3) 45.0 — — 45.0 Eternal Aus Bidco Pty Ltd 1.0 — 1.0 — — 1.0 Evolent Health LLC and Evolent Health, Inc. 31.2 — 31.2 — — 31.2 Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings,Inc. 3.6 — 3.6 — — 3.6 Excelitas Technologies Corp. 27.1 — 27.1 — — 27.1 Expereo USA, Inc. and Ristretto Bidco B.V. 20.9 — 20.9 — — 20.9 Extrahop Networks, Inc. 11.3 — 11.3 — — 11.3 Faraday Buyer, LLC 5.1 — 5.1 — — 5.1 Fever Labs, Inc. 14.2 (4.1) 10.1 — — 10.1 Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L. 17.9 — 17.9 — — 17.9 Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP 22.6 (2.5) 20.1 — — 20.1 FL Hawk Intermediate Holdings, Inc. 1.3 — 1.3 — — 1.3 Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. 17.5 (3.6) 13.9 — — 13.9 Flint OpCo, LLC 4.8 — 4.8 — — 4.8 FlyWheel Acquireco, Inc. 8.2 (5.5) 2.7 — — 2.7 Forescout Technologies, Inc. 2.4 — 2.4 — — 2.4 Foundation Risk Partners, Corp. 35.9 — 35.9 — — 35.9 FS Squared Holding Corp. and FS Squared, LLC 70.6 (5.7) 64.9 — — 64.9 Galway Borrower LLC 27.1 (1.3) 25.8 — — 25.8 Generator US Buyer, Inc. and Total Power Limited 1.9 — 1.9 — — 1.9 Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. 6.1 — 6.1 — — 6.1 GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco,LLC 18.8 — 18.8 — — 18.8 GI Ranger Intermediate LLC 3.6 (0.4) 3.2 — — 3.2 Global Music Rights, LLC 15.0 — 15.0 — — 15.0 GNZ Energy Bidco Limited and Galileo Co-investment Trust I 2.8 — 2.8 — — 2.8 GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and InsightfulScience Holdings, LLC 23.0 — 23.0 — — 23.0 GS SEER Group Borrower LLC and GS SEER Group Holdings LLC 6.9 — 6.9 — — 6.9 GSV Purchaser, Inc. 4.1 — 4.1 — — 4.1 GTCR Everest Borrower, LLC 1.2 — 1.2 — — 1.2 GTCR F Buyer Corp. and GTCR (D) Investors LP 1.9 — 1.9 — — 1.9 Guidepoint Security Holdings, LLC 3.4 — 3.4 — — 3.4 Harvey Tool Company, LLC 66.7 — 66.7 — — 66.7 HealthEdge Software, Inc. 1.1 — 1.1 — — 1.1 Heavy Construction Systems Specialists, LLC 4.0 — 4.0 — — 4.0 Helios Service Partners, LLC and Astra Service Partners, LLC 11.7 (0.4) 11.3 — — 11.3 Help/Systems Holdings, Inc. 15.0 (1.7) 13.3 — — 13.3 HGC Holdings, LLC 7.5 — 7.5 — — 7.5 HH-Stella, Inc. and Bedrock Parent Holdings, LP 18.7 (1.8) 16.9 — — 16.9 Higginbotham Insurance Agency, Inc. 3.7 — 3.7 — — 3.7 High Street Buyer, Inc. and High Street Holdco LLC 32.6 — 32.6 — — 32.6 Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc.and Highline PPC Blocker LLC 17.5 (0.5) 17.0 — — 17.0 Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP 0.4 (0.1) 0.3 — — 0.3 HP RSS Buyer, Inc. 4.9 — 4.9 — — 4.9 HPCC Parent, Inc. and Patriot Container Corp. 7.0 — 7.0 — — 7.0 F-152
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(in millions)Portfolio Company Total revolvingand delayed drawloan commitments Less: fundedcommitments Total unfundedcommitments Less:commitmentssubstantially atdiscretion of theCompany Less: unavailablecommitments dueto borrowing baseor other covenantrestrictions Total netunfundedrevolving anddelayed drawcommitments HuFriedy Group Acquisition LLC 10.2 (0.3) 9.9 — — 9.9 Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP 13.3 (8.6) 4.7 — — 4.7 Hyland Software, Inc. 2.0 (0.1) 1.9 — — 1.9 Icefall Parent, Inc. 1.1 — 1.1 — — 1.1 IFH Franchisee Holdings, LLC 18.9 (4.3) 14.6 — — 14.6 Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited andIHS Parent Holdings, L.P. 25.9 (0.7) 25.2 — — 25.2 Inszone Mid, LLC and INSZ Holdings, LLC 72.0 — 72.0 — — 72.0 Internet Truckstop Group LLC 1.2 — 1.2 — — 1.2 IQN Holding Corp. 2.3 (0.9) 1.4 — — 1.4 IRI Group Holdings, Inc., Circana, LLC and IRI-NPD Co-Invest Aggregator, L.P. 14.4 (3.0) 11.4 — — 11.4 ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. 30.2 (1.1) 29.1 — — 29.1 ITI Holdings, Inc. 5.7 (4.1) 1.6 — — 1.6 Kaseya Inc. and Knockout Intermediate Holdings I Inc. 28.2 (6.9) 21.3 — — 21.3 KBHS Acquisition, LLC (d/b/a Alita Care, LLC) 5.0 (3.5) 1.5 — — 1.5 Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC 3.1 — 3.1 — — 3.1 Kene Acquisition, Inc. and Kene Holdings, L.P. 1.0 — 1.0 — — 1.0 Keystone Agency Partners LLC 1.1 (0.1) 1.0 — — 1.0 Kings Buyer, LLC 1.6 (0.4) 1.2 — — 1.2 KPS Global LLC and Cool Group LLC 3.4 — 3.4 — — 3.4 Laboratories Bidco LLC and Laboratories Topco LLC 19.7 (10.1) 9.6 — — 9.6 LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP 9.7 — 9.7 — — 9.7 LeanTaaS Holdings, Inc. 17.2 — 17.2 — — 17.2 Legends Hospitality Holding Company, LLC and ASM Buyer, Inc. 14.4 (2.8) 11.6 — — 11.6 Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. 1.5 — 1.5 — — 1.5 Lew's Intermediate Holdings, LLC 2.3 (1.0) 1.3 — — 1.3 Lido Advisors, LLC 7.5 (0.8) 6.7 — — 6.7 Lightbeam Bidco, Inc. 3.7 (0.2) 3.5 — — 3.5 LivTech Purchaser, Inc. 7.0 — 7.0 — — 7.0 LJP Purchaser, Inc. and LJP Topco, LP 3.1 — 3.1 — — 3.1 Mai Capital Management Intermediate LLC 5.2 (0.3) 4.9 — — 4.9 Majesco and Magic Topco, L.P. 2.0 — 2.0 — — 2.0 Manna Pro Products, LLC 7.0 (6.8) 0.2 — — 0.2 Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo,LP 32.9 (21.6) 11.3 — — 11.3 McKenzie Creative Brands, LLC 4.5 (1.4) 3.1 — — 3.1 Medlar Bidco Limited 64.3 — 64.3 — — 64.3 Metatiedot Bidco OY and Metatiedot US, LLC 3.7 (0.2) 3.5 — — 3.5 Meyer Laboratory, LLC and Meyer Parent, LLC 11.6 — 11.6 — — 11.6 Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. 8.0 — 8.0 — — 8.0 Modigent, LLC and OMERS PMC Investment Holdings LLC 12.6 (5.4) 7.2 — — 7.2 Monica Holdco (US) Inc. 3.6 — 3.6 — — 3.6 Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC 1.2 (0.4) 0.8 — — 0.8 Mountaineer Merger Corporation 13.4 (9.7) 3.7 — — 3.7 Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLCand Restaurant Produce and Services Blocker, LLC 6.3 (0.3) 6.0 — — 6.0 MRI Software LLC 3.8 (0.2) 3.6 — — 3.6 Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and SenskeAcquisition, Inc. 5.7 — 5.7 — — 5.7 NAS, LLC and Nationwide Marketing Group, LLC 3.0 (1.5) 1.5 — — 1.5 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAKHoldings, LP and PAKNK Netherlands Treasury B.V. 23.2 (1.7) 21.5 — — 21.5 Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. 12.6 (0.3) 12.3 — — 12.3 Netsmart, Inc. and Netsmart Technologies, Inc. 33.8 — 33.8 — — 33.8 New ChurcHill HoldCo LLC and Victory Topco, LP 9.8 — 9.8 — — 9.8 Next Holdco, LLC 2.4 — 2.4 — — 2.4 NMC Skincare Intermediate Holdings II, LLC 12.8 (5.1) 7.7 — — 7.7 NMN Holdings III Corp. and NMN Holdings LP 65.4 (6.0) 59.4 — — 59.4 F-153
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(in millions)Portfolio Company Total revolvingand delayed drawloan commitments Less: fundedcommitments Total unfundedcommitments Less:commitmentssubstantially atdiscretion of theCompany Less: unavailablecommitments dueto borrowing baseor other covenantrestrictions Total netunfundedrevolving anddelayed drawcommitments North American Science Associates, LLC, Cardinal Purchaser LLC and CardinalTopco Holdings, L.P. 2.5 (2.5) — — — — North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command PestControl, LLC 9.6 (2.8) 6.8 — — 6.8 North Haven Stack Buyer, LLC 9.6 (1.3) 8.3 — — 8.3 North Star Acquisitionco, LLC and Toucan Bidco Limited 3.3 — 3.3 — — 3.3 Northwinds Holding, Inc. and Northwinds Services Group LLC 11.4 (0.8) 10.6 — — 10.6 OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP 3.4 (0.2) 3.2 — — 3.2 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC 0.9 — 0.9 — — 0.9 OMH-HealthEdge Holdings, LLC 7.2 — 7.2 — — 7.2 OneDigital Borrower LLC 16.4 (0.7) 15.7 — — 15.7 Optimizely North America Inc. and Optimizely Sweden Holdings AB 0.8 — 0.8 — — 0.8 Packaging Coordinators Midco, Inc. 15.0 — 15.0 — — 15.0 Paragon 28, Inc. and Paragon Advanced Technologies, Inc. 8.1 (0.1) 8.0 — — 8.0 Paris US Holdco, Inc. & 1001028292 Ontario Inc. 24.0 — 24.0 — — 24.0 Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. 4.2 — 4.2 — — 4.2 Pathway Vet Alliance LLC and Jedi Group Holdings LLC 1.9 (0.2) 1.7 — — 1.7 Patriot Growth Insurance Services, LLC 2.2 (1.1) 1.1 — — 1.1 PCIA SPV-3, LLC and ASE Royal Aggregator, LLC 2.5 — 2.5 — — 2.5 PCS MidCo, Inc. and PCS Parent, L.P. 5.8 (0.8) 5.0 — — 5.0 PDDS HoldCo, Inc. 1.9 (0.2) 1.7 — — 1.7 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC 2.5 — 2.5 — — 2.5 Pelican Products, Inc. 2.3 (1.6) 0.7 — — 0.7 People Corporation 34.0 (3.5) 30.5 — — 30.5 Perforce Software, Inc. 7.5 (1.0) 6.5 — — 6.5 Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company,LLC and CWC Fund I Co-Invest (Prism) LP 1.7 — 1.7 — — 1.7 PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P. 1.1 — 1.1 — — 1.1 PestCo Holdings, LLC and PestCo, LLC 2.1 — 2.1 — — 2.1 Petrus Buyer, Inc. 1.8 — 1.8 — — 1.8 PetVet Care Centers, LLC 49.4 — 49.4 — — 49.4 Petvisor Holdings, LLC 30.2 (1.7) 28.5 — — 28.5 Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc. 4.7 — 4.7 — — 4.7 Ping Identity Holding Corp. 0.2 — 0.2 — — 0.2 Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. 7.0 (0.4) 6.6 — — 6.6 Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC 15.2 — 15.2 — — 15.2 PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTekHoldings, LLC 11.8 (0.5) 11.3 — — 11.3 Precision Concepts International LLC and Precision Concepts Canada Corporation 14.4 (4.3) 10.1 — — 10.1 Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. 3.5 (1.0) 2.5 — — 2.5 Premiere Buyer, LLC 8.5 — 8.5 — — 8.5 Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP 5.0 (0.1) 4.9 — — 4.9 Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC 20.1 — 20.1 — — 20.1 ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. 5.8 (0.7) 5.1 — — 5.1 Project Essential Bidco, Inc. and Project Essential Super Parent, Inc. 1.1 — 1.1 — — 1.1 Project Potter Buyer, LLC and Project Potter Parent, L.P. 5.5 — 5.5 — — 5.5 Proofpoint, Inc. 3.1 — 3.1 — — 3.1 PS Operating Company LLC and PS Op Holdings LLC 6.8 (6.8) — — — — PSC Parent, Inc. 14.8 (3.5) 11.3 — — 11.3 PYE-Barker Fire & Safety, LLC 14.7 (0.5) 14.2 — — 14.2 Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC 1.6 — 1.6 — — 1.6 QBS Parent, Inc. 1.6 — 1.6 — — 1.6 QF Holdings, Inc. 1.1 (0.5) 0.6 — — 0.6 Qnnect, LLC and Connector TopCo, LP 0.8 — 0.8 — — 0.8 F-154
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(in millions)Portfolio Company Total revolvingand delayed drawloan commitments Less: fundedcommitments Total unfundedcommitments Less:commitmentssubstantially atdiscretion of theCompany Less: unavailablecommitments dueto borrowing baseor other covenantrestrictions Total netunfundedrevolving anddelayed drawcommitments Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest FeederII L.P. 12.4 — 12.4 — — 12.4 Radius Aerospace, Inc. and Radius Aerospace Europe Limited 5.6 (4.0) 1.6 — — 1.6 Radwell Parent, LLC 6.0 (0.9) 5.1 — — 5.1 Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC 8.9 — 8.9 — — 8.9 Raven Acquisition Holdings, LLC 5.3 — 5.3 — — 5.3 Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. 11.8 (7.9) 3.9 — — 3.9 RB Holdings InterCo, LLC 2.1 (1.5) 0.6 — — 0.6 Reagent Chemical & Research, LLC 2.7 (0.1) 2.6 — — 2.6 Reddy Ice LLC 37.4 (3.5) 33.9 — — 33.9 Redwood Services, LLC and Redwood Services Holdco, LLC 14.3 (0.2) 14.1 — — 14.1 Reef Lifestyle, LLC 33.3 (32.9) 0.4 — — 0.4 Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. 6.9 (5.4) 1.5 — — 1.5 Relativity ODA LLC 8.8 — 8.8 — — 8.8 Repairify, Inc. and Repairify Holdings, LLC 7.3 (7.3) — — — — Revalize, Inc. 0.9 (0.7) 0.2 — — 0.2 RFS Opco LLC 7.0 — 7.0 — — 7.0 Rialto Management Group, LLC 2.2 (0.3) 1.9 — — 1.9 Riser Topco II, LLC 3.7 — 3.7 — — 3.7 RMS HoldCo II, LLC & RMS Group Holdings, Inc. 2.9 — 2.9 — — 2.9 Rodeo AcquisitionCo LLC 2.5 (1.0) 1.5 — — 1.5 Royal Borrower, LLC and Royal Parent, LP 14.3 (0.2) 14.1 — — 14.1 RTI Surgical, Inc. and Pioneer Surgical Technology, Inc. 21.1 (11.6) 9.5 — — 9.5 Runway Bidco, LLC 15.6 — 15.6 — — 15.6 RWA Wealth Partners, LLC 7.6 — 7.6 — — 7.6 SageSure Holdings, LLC and SageSure LLC 26.2 — 26.2 — — 26.2 Sapphire Software Buyer, Inc. 5.9 — 5.9 — — 5.9 Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC andLandscape Parallel Partners, L.P. 15.2 (0.6) 14.6 — — 14.6 SCIH Salt Holdings Inc. 22.5 (6.2) 16.3 — — 16.3 SCM Insurance Services Inc. 3.7 — 3.7 — — 3.7 SePro Holdings, LLC 8.5 — 8.5 — — 8.5 Severin Acquisition, LLC 73.6 — 73.6 — — 73.6 SG Acquisition, Inc. 2.0 — 2.0 — — 2.0 Shermco Intermediate Holdings, Inc. 8.3 (2.3) 6.0 — — 6.0 Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC 0.7 — 0.7 — — 0.7 SIG Parent Holdings, LLC 33.8 — 33.8 — — 33.8 Silk Holdings III Corp. and Silk Holdings I Corp. 0.1 (0.1) — — — — SM Wellness Holdings, Inc. and SM Holdco, LLC 3.8 — 3.8 — — 3.8 Smarsh Inc. and Skywalker TopCo, LLC 2.0 (0.3) 1.7 — — 1.7 Spaceship Purchaser, Inc. 26.9 — 26.9 — — 26.9 Spark Purchaser, Inc. 2.3 — 2.3 — — 2.3 Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp 2.5 — 2.5 — — 2.5 St Athena Global LLC and St Athena Global Holdings Limited 4.0 (0.7) 3.3 — — 3.3 Star US Bidco LLC 15.5 — 15.5 — — 15.5 Steward Partners Global Advisory, LLC and Steward Partners InvestmentAdvisory, LLC 2.0 — 2.0 — — 2.0 Sugar PPC Buyer LLC 3.9 — 3.9 — — 3.9 Sun Acquirer Corp. and Sun TopCo, LP 73.1 (0.4) 72.7 — — 72.7 Sundance Group Holdings, Inc. 4.4 (1.8) 2.6 — — 2.6 Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing HoldingCompany and Sigma Electric Manufacturing Corporation 7.6 (2.7) 4.9 — — 4.9 Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. 37.9 — 37.9 — — 37.9 Superman Holdings, LLC 16.7 — 16.7 — — 16.7 Supplying Demand, Inc. 0.1 — 0.1 — — 0.1 Surescripts, LLC 22.9 — 22.9 — — 22.9 SV Newco 2, Inc. and Site 2020 Incorporated 17.5 — 17.5 — — 17.5 F-155
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(in millions)Portfolio Company Total revolvingand delayed drawloan commitments Less: fundedcommitments Total unfundedcommitments Less:commitmentssubstantially atdiscretion of theCompany Less: unavailablecommitments dueto borrowing baseor other covenantrestrictions Total netunfundedrevolving anddelayed drawcommitments Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. 10.0 (3.7) 6.3 — — 6.3 Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC 4.2 — 4.2 — — 4.2 Systems Planning and Analysis, Inc. 4.0 — 4.0 — — 4.0 Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. 7.5 — 7.5 — — 7.5 Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCPFit Parent, L.P. 2.2 (1.4) 0.8 — — 0.8 TCI Buyer LLC and TCI Holdings, LP 25.8 — 25.8 — — 25.8 TCP Hawker Intermediate LLC 14.9 (3.4) 11.5 — — 11.5 Team Acquisition Corporation 6.1 — 6.1 — — 6.1 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP 16.0 (0.8) 15.2 — — 15.2 The Hiller Companies, LLC 11.9 — 11.9 — — 11.9 The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC 1.0 (0.2) 0.8 — — 0.8 The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The UltimusGroup Aggregator, LP 5.6 — 5.6 — — 5.6 Thermostat Purchaser III, Inc. 7.7 (4.0) 3.7 — — 3.7 THG Acquisition, LLC 53.4 (1.6) 51.8 — — 51.8 Transit Technologies LLC 6.3 — 6.3 — — 6.3 Triwizard Holdings, Inc. and Triwizard Parent, LP 21.0 (3.0) 18.0 — — 18.0 Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC 18.4 — 18.4 — — 18.4 Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC 5.4 — 5.4 — — 5.4 TSS Buyer, LLC 0.5 — 0.5 — — 0.5 Two Six Labs, LLC 36.5 — 36.5 — — 36.5 United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP 8.4 (0.5) 7.9 — — 7.9 UP Intermediate II LLC and UPBW Blocker LLC 4.2 (0.1) 4.1 — — 4.1 US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P. 9.9 — 9.9 — — 9.9 Valcourt Holdings II, LLC and Jobs Holdings, Inc. 3.5 — 3.5 — — 3.5 Verista, Inc. 8.0 (0.7) 7.3 — — 7.3 Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC 16.2 (1.4) 14.8 — — 14.8 Victors Purchaser, LLC and WP Victors Co-Investment, L.P. 24.0 (1.1) 22.9 — — 22.9 Viper Bidco, Inc. 5.1 — 5.1 — — 5.1 Visual Edge Technology, Inc. 18.9 — 18.9 — — 18.9 Vobev, LLC and Vobev Holdings, LLC 6.6 — 6.6 — (6.6) — VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. 3.2 — 3.2 — — 3.2 VPROP Operating, LLC and V SandCo, LLC 2.2 — 2.2 — — 2.2 VRC Companies, LLC 5.4 — 5.4 — — 5.4 W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC 6.3 — 6.3 — — 6.3 Watermill Express, LLC and Watermill Express Holdings, LLC 4.0 (0.4) 3.6 — — 3.6 Waverly Advisors, LLC and WAAM Topco, LLC 0.8 — 0.8 — — 0.8 WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P. 0.7 — 0.7 — — 0.7 Wealth Enhancement Group, LLC 43.2 — 43.2 — — 43.2 WebPT, Inc. and WPT Intermediate Holdco, Inc. 0.9 (0.5) 0.4 — — 0.4 Wellington Bidco Inc. and Wellington TopCo LP 16.6 (0.6) 16.0 — — 16.0 Wellington-Altus Financial Inc. 1.1 — 1.1 — — 1.1 Wellness AcquisitionCo, Inc. 2.2 — 2.2 — — 2.2 WorkWave Intermediate II, LLC 5.2 (1.1) 4.1 — — 4.1 World Insurance Associates, LLC and World Associates Holdings, LLC 4.4 — 4.4 — — 4.4 Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. 1.8 (0.1) 1.7 — — 1.7 WRE Sports Investments LLC 6.5 — 6.5 — (6.5) — WSHP FC Acquisition LLC and WSHP FC Holdings LLC 16.3 (11.2) 5.1 — — 5.1 XIFIN, Inc. and ACP Charger Co-Invest LLC 5.7 (5.7) — — — — YE Brands Holdings, LLC 3.5 (1.6) 1.9 — — 1.9 ZB Holdco LLC and ZB TopCo LLC 15.2 (6.3) 8.9 — — 8.9 ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP 12.8 — 12.8 — — 12.8 Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc. 10.9 (0.1) 10.8 — — 10.8 $ 4,447.5 $ (529.3) $ 3,918.2 $ — $ (23.1) $ 3,895.1 F-156
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(16) As of December 31, 2024, the Company was party to agreements to fund equity investment commitments as follows: (in millions)Company Total equitycommitments Less: funded equitycommitments Total unfunded equitycommitments Less: equitycommitmentssubstantially at thediscretion of theCompany Total net unfundedequity commitments AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest(A), LP $ 1.2 $ — $ 1.2 $ — $ 1.2 Constellation Wealth Capital Fund, L.P. 5.7 (2.9) 2.8 — 2.8 DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP 0.1 — 0.1 — 0.1 European Capital UK SME Debt LP 56.3 (51.0) 5.3 (5.3) — GTCR F Buyer Corp. and GTCR (D) Investors LP 1.4 — 1.4 — 1.4 HFCP XI (Parallel - A), L.P. 7.5 — 7.5 — 7.5 High Street Buyer, Inc. and High Street Holdco LLC 38.7 — 38.7 — 38.7 Linden Structured Capital Fund II-A LP 1.9 (1.1) 0.8 — 0.8 LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. 11.6 (9.7) 1.9 — 1.9 Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment,L.P. 0.1 — 0.1 — 0.1 PCG-Ares Sidecar Investment, L.P. and PCG-Ares Sidecar InvestmentII, L.P. 50.0 (12.4) 37.6 (37.6) — Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. 12.2 (10.9) 1.3 — 1.3 Schill Landscaping and Lawn Care Services LLC, Tender Lawn CareULC and Landscape Parallel Partners, L.P. 2.5 — 2.5 — 2.5 Wellington-Altus Financial Inc. 1.9 — 1.9 — 1.9 Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. 0.2 — 0.2 — 0.2 $ 191.3 $ (88.0) $ 103.3 $ (42.9) $ 60.4 (17) As of December 31, 2024, the Company had commitments to co-invest in the SDLP for its portion of the SDLP’s commitment to fund delayed draw loans of up to $119. See Note 4 for more information on the SDLP. (18) Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 8 for more information regarding the fair value of the Company’s investments. (19) As of December 31, 2024, the estimated net unrealized gain for federal tax purposes was $0.2 billion based on a tax cost basis of $26.5 billion. As of December 31, 2024, the estimated aggregate gross unrealized gain for federal income tax purposes was $1.7 billion and the estimated aggregate gross unrealized loss for federal income tax purposes was $1.5 billion. F-157
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (in millions, except per share data) Common Stock Capital inExcess ofPar Value AccumulatedUndistributed(Overdistributed)Earnings TotalStockholders’Equity Shares Amount Balance at December 31, 2022 519 $ 1 $ 9,556 $ (2) $ 9,555 Issuance of common stock, net of offering and underwriting costs 61 — 1,155 — 1,155 Shares issued in connection with dividend reinvestment plan 2 — 47 — 47 Net investment income — — — 1,258 1,258 Net realized losses on investments, foreign currency and other transactions — — — (171) (171) Net unrealized gains on investments, foreign currency and othertransactions — — — 435 435 Dividends declared and payable ($1.92 per share) — — — (1,078) (1,078) Tax reclassification of stockholders’ equity in accordance with GAAP — — (20) 20 — Balance at December 31, 2023 582 $ 1 $ 10,738 $ 462 $ 11,201 Issuance of common stock, net of offering and underwriting costs 66 — 1,364 — 1,364 Shares issued in connection with dividend reinvestment plan 4 — 80 — 80 Net investment income — — — 1,436 1,436 Net realized losses on investments, foreign currency, extinguishment ofdebt and other transactions — — — (102) (102) Net unrealized gains on investments, foreign currency and othertransactions — — — 188 188 Conversion of 2024 Convertible Notes 20 — 407 — 407 Dividends declared and payable ($1.92 per share) — — — (1,219) (1,219) Tax reclassification of stockholders’ equity in accordance with GAAP — — (87) 87 — Balance at December 31, 2024 672 $ 1 $ 12,502 $ 852 $ 13,355 Issuance of common stock, net of offering and underwriting costs 42 — 928 — 928 Shares issued in connection with dividend reinvestment plan 4 — 87 — 87 Net investment income — — — 1,415 1,415 Net realized losses on investments, foreign currency and other transactions — — — (20) (20) Net unrealized losses on investments, foreign currency and othertransactions — — — (96) (96) Dividends declared and payable ($1.92 per share) — — — (1,351) (1,351) Tax reclassification of stockholders’ equity in accordance with GAAP — — (158) 158 — Balance at December 31, 2025 718 $ 1 $ 13,359 $ 958 $ 14,318 See accompanying notes to consolidated financial statements. F-158
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ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS (in millions) For the Years Ended December 31, 2025 2024 2023 OPERATING ACTIVITIES: Net increase in stockholders' equity resulting from operations $ 1,299 $ 1,522 $ 1,522 Adjustments to reconcile net increase in stockholders’ equity resulting from operations: Net realized losses on investments, foreign currency and other transactions 20 88 171 Net unrealized (gains) losses on investments, foreign currency and other transactions 96 (188) (435) Realized loss on extinguishment of debt — 14 — Net gain on interest rate swaps accounted for as hedge instruments and the related hedged items (1) — — Net accretion of discount on investments (17) (17) (18) PIK interest (219) (206) (166) Collections of PIK interest 131 109 48 PIK dividends (268) (257) (198) Collections of PIK dividends 149 33 11 Amortization of debt issuance costs 34 33 31 Net amortization of discount/premium on notes payable — (6) (5) Proceeds from sales and repayments of investments and other transactions 11,216 9,212 5,315 Purchases of investments (14,075) (12,622) (5,804) Changes in operating assets and liabilities: Interest receivable (2) (45) (60) Other assets (35) 5 (8) Base management fee payable 11 16 5 Income based fee payable (2) 1 9 Capital gains incentive fee payable (23) 17 53 Interest and facility fees payable 23 38 27 Payable to participants (32) 134 (5) Interest rate swap collateral payable 93 62 31 Accounts payable and other liabilities (115) (71) (13) Net cash provided by (used in) operating activities (1,717) (2,128) 511 FINANCING ACTIVITIES: Borrowings on debt 12,534 13,238 5,215 Repayments and repurchases of debt (10,340) (10,968) (5,558) Debt issuance costs (45) (59) (20) Repayment of 2024 Convertible Notes — (10) — Net proceeds from issuance of common stock 928 1,364 1,155 Dividends paid (1,264) (1,139) (1,031) Secured borrowings, net (32) (2) (45) Net cash provided by (used in) financing activities 1,781 2,424 (284) CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 64 296 227 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 860 564 337 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 924 $ 860 $ 564 Supplemental Information: Interest paid during the period $ 750 $ 676 $ 524 Taxes, including excise taxes, paid during the period $ 163 $ 66 $ 36 Dividends declared and payable during the period $ 1,351 $ 1,219 $ 1,078 See accompanying notes to consolidated financial statements. F-159
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ARES CAPITAL CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2025 (in millions, except per share data, percentages and as otherwise indicated; for example, with the word “billion” or otherwise) 1. ORGANIZATION Ares Capital Corporation (the “Company”) is a specialty finance company that is a closed-end, non-diversified management investment company incorporated in Maryland. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). The Company has elected to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), and operates in a manner so as to qualify for the tax treatment applicable to RICs. The Company’s investment objective is to generate both current income and capital appreciation through debt and equity investments. The Company invests primarily in first lien senior secured loans (including “unitranche” loans, which are loans that combine both senior and subordinated loans, generally in a first lien position) and second lien senior secured loans. In addition to senior secured loans, the Company also invests in subordinated loans (sometimes referred to as mezzanine debt) and preferred equity. To a lesser extent, the Company also makes common equity investments. The Company is externally managed by Ares Capital Management LLC (“Ares Capital Management” or the Company’s “investment adviser”), a subsidiary of Ares Management Corporation (“Ares Management”), a publicly traded, leading global alternative investment manager, pursuant to an investment advisory and management agreement. Ares Operations LLC (“Ares Operations” or the Company’s “administrator”), a subsidiary of Ares Management, provides certain administrative and other services necessary for the Company to operate. 2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”), and include the accounts of the Company and its consolidated subsidiaries. The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification (“ASC”) 946, Financial Services— Investment Companies. The consolidated financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition as of and for the periods presented. All significant intercompany balances and transactions have been eliminated. The Company reclassified certain prior period amounts in the accompanying consolidated balance sheet and consolidated statement of operations to conform to its current period presentation. The Company separately disclosed “interest rate swap collateral payable” and “deferred tax liabilities” from “accounts payable and other liabilities” in the accompanying consolidated balance sheet. In addition, the Company separately disclosed “income tax expense on net realized gains” from “income tax expense, including excise taxes” and “net change in deferred tax liabilities” from “net unrealized gains (losses) from investments” in the accompanying consolidated statement of operations. These reclassifications had no impact on prior periods’ net income or stockholders’ equity. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include funds from time to time deposited with financial institutions and short-term, liquid investments in a money market account. Cash and cash equivalents are carried at cost which approximates fair value. As of December 31, 2025 and 2024, there was $26 and $18, respectively, of cash denominated in foreign currencies included within “cash and cash equivalents” or “restricted cash” in the accompanying consolidated balance sheet. Restricted cash primarily relates to cash held as collateral for interest rate swaps and cash received by the Company on behalf of participating lenders as a result of the Company’s role as administrative agent for certain loans. The cash received is generally distributed to participating lenders shortly after the receipt of such cash. F-160
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The following table provides a reconciliation of cash, cash equivalents and restricted cash in the consolidated balance sheet to the total amount shown at the end of the applicable period in the consolidated statement of cash flows: As of December 31, 2025 2024 Cash and cash equivalents $ 638 $ 635 Restricted cash 286 225 Total cash, cash equivalents and restricted cash $ 924 $ 860 Concentration of Credit Risk The Company places its cash and cash equivalents with financial institutions and, at times, cash held in depository or money market accounts may exceed the Federal Deposit Insurance Corporation insured limits. Investments Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized. Pursuant to Rule 2a-5 under the Investment Company Act, the Company’s board of directors designated the Company’s investment adviser as the Company’s valuation designee (the “Valuation Designee”) to perform the fair value determinations for investments held by the Company without readily available market quotations, subject to the oversight of the Company’s board of directors. All investments are recorded at their fair value. Investments for which market quotations are readily available are typically valued at such market quotations. In order to validate market quotations, the Valuation Designee looks at a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available (i.e., substantially all of the Company’s investments) are valued at least quarterly at fair value as determined in good faith by the Valuation Designee, subject to the oversight of the Company’s board of directors, based on, among other things, the input of the Company’s independent third-party valuation providers (“IVPs”) that have been engaged to support the valuation of such portfolio investments quarterly, beginning as of the third quarter after origination (with certain de minimis exceptions) and under a valuation policy and a consistently applied valuation process. The valuation process is conducted at the end of each fiscal quarter by the Valuation Designee, and beginning with the first quarter of 2025, substantially all investments in the Company’s investment portfolio at fair value are subject to review by an IVP each quarter as discussed further below. However, the Company may use these IVPs to review the value of its investments more frequently, including in connection with the occurrence of significant events or changes in value affecting a particular investment. In addition, the Company’s independent registered public accounting firm obtains an understanding of, and performs select procedures relating to, the Company’s valuation process within the context of performing the Company’s integrated audit. As part of the valuation process, the Valuation Designee may take into account the following types of factors, if relevant, in determining the fair value of the Company’s investments: the enterprise value of a portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, changes in the interest rate environment and the credit markets, which may affect the price at which similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Valuation Designee considers the pricing indicated by the external event to corroborate the valuation. Because there is not a readily available market value for most of the investments in the Company’s portfolio, substantially all of the Company’s portfolio investments are valued at fair value as determined in good faith by the Valuation Designee, as described herein. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, F-161
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the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. The Valuation Designee, subject to the oversight of the Company’s board of directors, undertakes a multi-step valuation process each quarter, as described below: • The Company’s quarterly valuation process begins with a preliminary valuation being prepared by the investment professionals responsible for the portfolio investment in conjunction with the Company’s portfolio management and valuation team. • Preliminary valuations are reviewed and discussed by the valuation committee of the Valuation Designee. • When a portfolio investment is reviewed by an IVP: ◦ Relevant information related to the portfolio investment is made available by the Valuation Designee to the IVP, who does not independently verify such information. ◦ The IVP reviews and analyzes the information provided by the Valuation Designee, along with relevant market and economic data, and independently determines a range of values for the portfolio investment. ◦ The IVP provides its analysis to the Valuation Designee to support the IVP’s valuation methodology and calculations. • The valuation committee of the Valuation Designee determines the fair value of each investment in the Company’s portfolio without a readily available market quotation in good faith based on, among other things, the input of the IVPs, where applicable. • When a portfolio investment is reviewed by an IVP, a positive assurance opinion or independent valuation report is issued by the IVP that confirms the fair value determined by the Valuation Designee for the portfolio investment is within the range of values independently calculated by such IVP. See Note 8 for more information on the Company’s valuation process. Interest Income Recognition Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and payment-in-kind (“PIK”) interest. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective yield method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rate specified in each applicable agreement, is accrued and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. To maintain the Company’s tax status as a RIC, this non-cash source of income must be paid out to stockholders in the form of dividends for the year the income was earned, even though the Company has not yet collected the cash. The amortized cost of investments represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest. Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Company’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Company’s judgment, are likely to remain current. The Company may F-162
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make exceptions to this policy if the loan has sufficient collateral value (i.e., typically measured as enterprise value of the portfolio company) or is in the process of collection. Dividend Income Recognition Dividend income on preferred equity is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. To the extent a preferred equity contains PIK provisions, PIK dividends, computed at the contractual rate specified in each applicable agreement, are accrued and recorded as dividend income and added to the principal balance of the preferred equity. PIK dividends added to the principal balance are generally collected upon redemption of the equity. Capital Structuring Service Fees and Other Income In pursuit of the Company’s investment objective, the Company’s investment adviser seeks to provide assistance to its portfolio companies and in return the Company may receive fees for capital structuring services. These fees are fixed based on contractual terms, are generally only available to the Company as a result of the Company’s underlying investments, are normally paid at the closing of the investments, are generally non-recurring and non-refundable and are recognized as revenue when earned upon closing of the investment. The services that the Company’s investment adviser provides vary by investment, but generally include reviewing existing credit facilities, arranging bank financing, arranging equity financing, structuring financing from multiple lenders, structuring financing from multiple equity investors, restructuring existing loans, raising equity and debt capital, and providing general financial advice, which generally concludes upon closing of the investment. Any services of the above nature subsequent to the closing would generally generate a separate fee payable to the Company. In certain instances where the Company is invited to participate as a co-lender in a transaction and the Company’s investment adviser does not provide significant services in connection with the investment, a portion of loan fees paid to the Company in such situations will be deferred and amortized over the contractual life of the loan. Other income includes amendment fees that are fixed based on contractual terms and are generally non-recurring and non-refundable and are recognized as revenue when earned upon closing of the related transaction. Other income also includes fees for management and consulting services, agency services, loan guarantees, commitments, and other services rendered by the Company to portfolio companies. Such fees are fixed based on contractual terms and are recognized as income as services are rendered. Foreign Currency Translation The Company’s books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis: (1) Fair value of investment securities, other assets and liabilities—at the exchange rates prevailing at the end of the period. (2) Purchases and sales of investment securities, income and expenses—at the exchange rates prevailing on the respective dates of such transactions, income or expenses. Results of operations based on changes in foreign exchange rates are separately disclosed in the statement of operations, if any. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities. Derivative Instruments The Company follows the guidance in ASC Topic 815, Derivatives and Hedging, when accounting for derivative instruments. The Company designated certain interest rate swaps as hedging instruments in a qualifying fair value hedge accounting relationship, and as a result, the change in fair value of the hedging instruments and hedged items are recorded in interest expense and recognized as components of “interest and credit facility fees” in the Company’s consolidated statement of operations. The change in fair value of the interest rate swaps is offset by a change in the carrying value of the corresponding fixed rate debt. For all other derivatives, the Company does not utilize hedge accounting and values such derivatives at fair F-163
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value with the unrealized gains or losses recorded in “net unrealized gains (losses) from foreign currency and other transactions” in the Company’s consolidated statement of operations. Equity Offering Expenses The Company’s offering costs are charged against the proceeds from equity offerings when proceeds are received. Debt Issuance Costs Debt issuance costs are amortized over the life of the related debt instrument using the straight line method or the effective yield method, depending on the type of debt instrument. Secured Borrowings The Company follows the guidance in ASC Topic 860, Transfers and Servicing (“ASC Topic 860”), when accounting for participations and other partial loan sales. Certain loan sales do not qualify for sale accounting under ASC Topic 860 because these sales do not meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest or which are not eligible for sale accounting remain as an investment on the consolidated balance sheet as required under GAAP and the proceeds are recorded as a secured borrowing. Secured borrowings are carried at fair value. Income Taxes The Company has elected to be treated as a RIC under the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, the Company must, among other requirements, meet certain source-of-income and asset diversification requirements and timely distribute to its stockholders at least 90% of its investment company taxable income, as defined by the Code, for each year. The Company has made and intends to continue to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal corporate-level income taxes. Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year taxable income will be in excess of estimated dividend distributions for the current year from such income, the Company accrues excise tax, if any, on estimated excess taxable income as such taxable income is earned. The Company may hold certain portfolio company investments through consolidated taxable subsidiaries. Such subsidiaries may be subject to U.S. federal and state corporate-level income taxes. These consolidated subsidiaries recognize deferred tax assets and liabilities for the estimated future tax effects attributable to temporary differences between the tax basis of certain assets and liabilities and the reported amounts included in the accompanying consolidated balance sheet using the applicable statutory tax rates in effect for the year in which any such temporary differences are expected to reverse. The Company recorded deferred tax liabilities in the accompanying consolidated balance sheet and the net change in deferred tax liabilities in the accompanying consolidated statement of operations for certain of the Company’s taxable consolidated subsidiaries. Dividends to Common Stockholders Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend is determined by the Company’s board of directors each quarter and is generally based upon the earnings estimated by management and considers the level of undistributed taxable income carried forward from the prior year for distribution in the current year. Net realized capital gains, if any, are generally distributed, although the Company may decide to retain such capital gains for investment. The Company has adopted a dividend reinvestment plan that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Company’s board of directors authorizes, and the Company declares, a cash dividend, then the Company’s stockholders who have not “opted out” of the Company’s dividend reinvestment plan will have their cash dividends automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash dividend. The Company may use newly issued shares to implement the dividend reinvestment plan or, if the Company is otherwise permitted under applicable law to F-164
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purchase such shares, the Company may purchase shares in the open market in connection with the Company’s obligations under the dividend reinvestment plan. Segment Reporting In accordance with ASC Topic 280 - Segment Reporting (“ASC 280”), the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets. Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of actual and contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income or loss and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the valuation of investments. Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (the “FASB”). ASUs not listed were assessed by the Company and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023- 09”), which intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company adopted ASU 2023-09 effective December 31, 2025 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements. 3. AGREEMENTS Investment Advisory and Management Agreement The Company is party to an investment advisory and management agreement (the “investment advisory and management agreement”), with its investment adviser, Ares Capital Management. Subject to the overall supervision of the Company’s board of directors and in accordance with the Investment Company Act, Ares Capital Management provides investment advisory and management services to the Company. For providing these services, Ares Capital Management receives fees from the Company consisting of a base management fee, a fee based on the Company’s net investment income (“income based fee”) and a fee based on the Company’s net capital gains (“capital gains incentive fee”). The investment advisory and management agreement may be terminated by either party without penalty upon 60 days’ written notice to the other party. Effective June 21, 2019, in connection with the Company’s board of directors’ approval of the modification of the asset coverage requirement applicable to senior securities from 200% to 150%, the investment advisory and management agreement was amended to reduce the Company’s annual base management fee rate from 1.5% to 1.0% on all assets financed using leverage over 1.0x debt to equity. For all assets financed using leverage up to 1.0x debt to equity, the annual base management fee rate is 1.5%. The base management fee is based on the average value of the Company’s total assets (other than cash or cash equivalents but including assets purchased with borrowed funds) at the end of the two most recently completed calendar quarters and is calculated by applying the applicable fee rate. The base management fee is payable quarterly in arrears. See Note 5 for more information. F-165
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The income based fee is calculated and payable quarterly in arrears based on the Company’s pre-incentive fee net investment income, as defined in the investment advisory and management agreement, for the quarter. Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the base management fee, any expenses payable under the administration agreement, and any interest expense and dividends paid on any outstanding preferred stock, but excluding the income based fee and capital gains incentive fee accrued under GAAP). Pre-incentive fee net investment income includes, in the case of investments with a deferred income feature (such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities), accrued income that the Company has not yet received in cash. The Company’s investment adviser is not under any obligation to reimburse the Company for any part of the income based fee it received that were based on accrued income that the Company never actually received. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses, unrealized capital appreciation, unrealized capital depreciation or income tax expense related to realized gains and losses. Because of the structure of the income based fee, it is possible that the Company may pay such fees in a quarter where the Company incurs a loss. For example, if the Company earns pre-incentive fee net investment income in excess of the hurdle rate (as defined below) for a quarter, the Company will pay the applicable income based fee even if the Company has incurred a loss in that quarter due to realized and/or unrealized capital losses. Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any income based fee and capital gains incentive fee payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed “hurdle rate” of 1.75% per quarter. If market credit spreads rise, the Company may be able to invest its funds in debt instruments that provide for a higher return, which may increase the Company’s pre-incentive fee net investment income and make it easier for the Company’s investment adviser to surpass the fixed hurdle rate and receive an income based fee based on such net investment income. To the extent the Company has retained pre-incentive fee net investment income that has been used to calculate the income based fee, it is also included in the amount of the Company’s total assets (other than cash and cash equivalents but including assets purchased with borrowed funds) used to calculate the base management fee. The Company pays its investment adviser an income based fee with respect to the Company’s pre-incentive fee net investment income in each calendar quarter as follows: • No income based fee in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the hurdle rate; • 100% of the Company’s pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.1875% in any calendar quarter. The Company refers to this portion of its pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 2.1875%) as the “catch-up” provision. The “catch-up” is meant to provide the Company’s investment adviser with 20% of the pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeded 2.1875% in any calendar quarter; and • 20% of the amount of the Company’s pre-incentive fee net investment income, if any, that exceeds 2.1875% in any calendar quarter. These calculations are adjusted for any share issuances or repurchases during the quarter. The capital gains incentive fee is determined and payable in arrears as of the end of each calendar year (or, upon termination of the investment advisory and management agreement, as of the termination date) and is calculated at the end of each applicable year by subtracting (a) the sum of the Company’s cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (b) the Company’s cumulative aggregate realized capital gains, in each case calculated from October 8, 2004 (the date the Company completed its initial public offering). Realized capital gains and losses include gains and losses on investments and foreign currencies, gains and losses on extinguishment of debt and from other assets, as well as any income tax and other expenses related to cumulative aggregate realized gains and losses. If such amount is positive at the end of such year, then the capital gains incentive fee for such year is equal to 20% of such amount, less the aggregate amount of capital gains incentive fee paid in all prior years. If such amount is negative, then there is no capital gains incentive fee for such year. F-166
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The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment. The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in the Company’s portfolio when sold is less than (b) the accreted or amortized cost basis of such investment. The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable capital gains incentive fee calculation date and (b) the accreted or amortized cost basis of such investment. Notwithstanding the foregoing, if the Company is required by GAAP to record an investment at its fair value as of the time of acquisition instead of at the actual amount paid for such investment by the Company (including, for example, as a result of the application of the asset acquisition method of accounting), then solely for the purposes of calculating the capital gains incentive fee, the “accreted or amortized cost basis” of an investment shall be an amount (the “Contractual Cost Basis”) equal to (1) (x) the actual amount paid by the Company for such investment plus (y) any amounts recorded in the Company’s financial statements as required by GAAP that are attributable to the accretion of such investment plus (z) any other adjustments made to the cost basis included in the Company’s financial statements, including PIK interest or additional amounts funded (net of repayments) minus (2) any amounts recorded in the Company’s financial statements as required by GAAP that are attributable to the amortization of such investment, whether such calculated Contractual Cost Basis is higher or lower than the fair value of such investment (as determined in accordance with GAAP) at the time of acquisition. The base management fee, income based fee and capital gains incentive fee for the years ended December 31, 2025, 2024 and 2023 were as follows: For the Years Ended December 31, 2025 2024 2023 Base management fee $ 425 $ 374 $ 323 Income based fee $ 348 $ 364 $ 328 Capital gains incentive fee(1) $ (23) $ 18 $ 53 ________________________________________ (1) Accrued in accordance with GAAP as discussed below. As of December 31, 2025 and 2024, there was no capital gains incentive fee actually payable under the Company's investment advisory and management agreement. There was no capital gains incentive fee payable to the Company’s investment adviser as calculated under the investment advisory and management agreement for the years ended December 31, 2025 and 2024. In addition, in accordance with GAAP, the Company had cumulatively accrued a capital gains incentive fee of $82 as of December 31, 2025. GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the investment advisory and management agreement. This GAAP accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee plus the aggregate cumulative unrealized capital appreciation, net of any expense associated with cumulative unrealized capital depreciation or appreciation. If such amount is positive at the end of a period, then GAAP requires the Company to record a capital gains incentive fee equal to 20% of such cumulative amount, less the aggregate amount of actual capital gains incentive fee paid or capital gains incentive fee accrued under GAAP in all prior periods. As of December 31, 2025, the Company has paid capital gains incentive fee since inception totaling $133. The resulting accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. There can be no assurance that such unrealized capital appreciation will be realized in the future. Cash payment of any income based fee and capital gains incentive fee otherwise earned by the Company’s investment adviser is deferred if during the most recent four full calendar quarter period ending on or prior to the date such payment is to be made the sum of (a) the aggregate distributions to the Company’s stockholders and (b) the change in net assets (defined as F-167
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total assets less indebtedness and before taking into account any income based fee and capital gains incentive fee payable during the period) is less than 7.0% of the Company’s net assets (defined as total assets less indebtedness) at the beginning of such period. These calculations will be adjusted for any share issuances or repurchases. Any income based fee and capital gains incentive fee deferred for payment are carried over for payment in subsequent calculation periods to the extent such fees are payable under the terms of the investment advisory and management agreement. The services of all investment professionals and staff of the Company’s investment adviser, when and to the extent engaged in providing investment advisory and management services to the Company, and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Company’s investment adviser. Under the investment advisory and management agreement, the Company bears all other costs and expenses of its operations and transactions, including, but not limited to, those relating to: organization; calculation of the Company’s net asset value (including, but not limited to, the cost and expenses of any IVP); expenses incurred by the Company’s investment adviser payable to third parties, including agents, consultants or other advisers, in monitoring the Company’s financial and legal affairs and in monitoring the Company’s investments (including the cost of consultants hired to develop information technology systems designed to monitor the Company’s investments) and performing due diligence on the Company’s prospective portfolio companies; interest payable on indebtedness, if any, incurred to finance the Company’s investments (including, but not limited to, payments to third-party vendors for financial information services); offerings of the Company’s common stock and other securities (including, but not limited to, costs of rating agencies); investment advisory and management fees; administration fees payable under the administration agreement; fees payable to third parties, including agents, consultants or other advisers, relating to, or associated with, evaluating and making investments in portfolio companies, regardless of whether such transactions are ultimately consummated (including, but not limited to, payments to third-party vendors for financial information services); transfer agent and custodial fees; registration fees; listing fees; taxes; independent directors’ fees and expenses; costs of preparing and filing reports or other documents required by governmental bodies (including the Securities and Exchange Commission (the “SEC”)); the costs of any reports, proxy statements or other notices to stockholders, including printing costs; to the extent the Company is covered by any joint insurance policies, the Company’s allocable portion of the insurance premiums for such policies; direct costs and expenses of administration, including auditor and legal costs; and all other expenses incurred by the Company or its administrator in connection with administering the Company’s business as described in more detail under “Administration Agreement” below. Administration Agreement The Company is party to an administration agreement (the “administration agreement”) with its administrator, Ares Operations. Pursuant to the administration agreement, Ares Operations furnishes the Company with office equipment and clerical, bookkeeping and record keeping services at the Company’s office facilities. Under the administration agreement, Ares Operations also performs, or oversees the performance of, the Company’s required administrative services, which include, among other things, providing assistance in accounting, legal, compliance, operations, technology and investor relations, being responsible for the financial and other records that the Company is required to maintain and preparing all reports and other materials required to be filed with the SEC or any other regulatory authority, including reports to stockholders. In addition, Ares Operations assists the Company in determining and publishing its net asset value, assists the Company in providing managerial assistance to its portfolio companies, oversees the preparation and filing of the Company’s tax returns and the printing and dissemination of reports to its stockholders, and generally oversees the payment of its expenses and the performance of administrative and professional services rendered to the Company by others. Payments under the administration agreement are equal to an amount based upon the Company’s allocable portion of Ares Operations’ overhead and other expenses (including travel expenses) incurred by Ares Operations in performing its obligations under the administration agreement, including the Company’s allocable portion of the compensation, rent and other expenses of certain of the Company’s officers (including the Company’s chief compliance officer, chief financial officer, chief accounting officer, general counsel, secretary, treasurer and assistant treasurer) and their respective staffs. The administration agreement may be terminated by either party without penalty upon 60 days’ written notice to the other party. For the years ended December 31, 2025, 2024 and 2023, the Company incurred $15, $12 and $13 respectively, in administrative and other fees, including certain costs that are reimbursable to the Company’s investment adviser under the investment advisory and management agreement or the Company’s administrator under the administration agreement. As of December 31, 2025 and 2024, $6 and $5, respectively, of the administrative and other fees were unpaid and included in “accounts payable and other liabilities” in the accompanying consolidated balance sheet. F-168
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4. INVESTMENTS As of December 31, 2025 and 2024, investments consisted of the following: As of December 31, 2025 2024 Amortized Cost(1) Fair Value Amortized Cost(1) Fair Value First lien senior secured loans(2) $ 18,103 $ 17,858 $ 15,519 $ 15,179 Second lien senior secured loans 1,558 1,487 1,935 1,847 Subordinated certificates of the SDLP(3) 1,103 1,117 1,263 1,192 Senior subordinated loans 1,690 1,585 1,384 1,351 Preferred equity 2,597 2,475 2,667 2,649 Ivy Hill Asset Management, L.P.(4) 2,231 2,434 1,701 1,915 Other equity 1,968 2,529 1,905 2,587 Total $ 29,250 $ 29,485 $ 26,374 $ 26,720 ________________________________________ (1) The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends. (2) First lien senior secured loans include certain loans that the Company classifies as “unitranche” loans. The total amortized cost and fair value of the loans that the Company classified as “unitranche” loans were $11,349 and $11,239 respectively, as of December 31, 2025, and $8,772 and $8,624, respectively, as of December 31, 2024. (3) The proceeds from these certificates were applied to co-investments with Varagon Capital Partners (“Varagon”) and its clients to fund first lien senior secured loans to 39 and 20 different borrowers as of December 31, 2025 and 2024, respectively. (4) Includes the Company’s subordinated loan to and equity investments in IHAM (as defined below), as applicable. F-169
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The Company uses GICS for classifying the industry groupings of its portfolio companies. The industrial and geographic compositions of the Company’s portfolio at fair value as of December 31, 2025 and 2024 were as follows: As of December 31, 2025 2024 Industry Software and Services 23.8 % 24.2 % Financial Services(1) 12.4 9.9 Health Care Equipment and Services 11.3 12.3 Commercial and Professional Services 9.4 9.4 Consumer Services 5.6 5.1 Insurance 5.2 5.9 Consumer Distribution and Retail 4.8 5.7 Capital Goods 4.6 2.7 Sports, Media and Entertainment 4.0 4.6 Investment Funds and Vehicles(2) 3.9 4.6 Pharmaceuticals, Biotechnology and Life Sciences 2.7 2.6 Materials 2.2 1.2 Independent Power and Renewable Electricity Producers 2.2 3.7 Consumer Durables and Apparel 2.0 2.3 Household and Personal Products 1.4 1.0 Other 4.5 4.8 Total 100.0 % 100.0 % ________________________________________ (1) Includes the Company’s investment in IHAM. (2) Includes the Company’s investment in the SDLP (as defined below), which made first lien senior secured loans to 39 and 20 different borrowers as of December 31, 2025 and 2024, respectively. The portfolio companies in the SDLP are in industries similar to the companies in the Company’s portfolio. As of December 31, 2025 2024 Geographic Region Midwest 22.9 % 20.9 % West(1) 20.3 25.2 Southeast 18.8 19.3 Mid-Atlantic 16.3 16.1 Northeast(2) 15.1 12.2 International 6.6 6.3 Total 100.0 % 100.0 % ________________________________________ (1) Includes the Company’s investment in the SDLP, which represented 3.8% and 4.5% of the total investment portfolio at fair value as of December 31, 2025 and 2024, respectively. (2) Includes the Company’s investment in IHAM, which represented 8.3% and 7.1% of the total investment portfolio at fair value as of December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, loans on non-accrual status represented 1.8% of the total investments at amortized cost (or 1.2% at fair value) and 1.7% at amortized cost (or 1.0% at fair value), respectively. F-170
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Ivy Hill Asset Management, L.P. Ivy Hill Asset Management, L.P. (“IHAM”), a wholly owned portfolio company of the Company, is an asset manager and an SEC- registered investment adviser. As of December 31, 2025, IHAM had assets under management of approximately $14.6 billion. As of December 31, 2025, IHAM managed 23 vehicles (the “IHAM Vehicles”). IHAM earns fee income from managing the IHAM Vehicles and has also invested in certain of these vehicles as part of its business strategy. The amortized cost of IHAM’s total investments as of December 31, 2025 and 2024 was $3,190 and $2,237, respectively. For the years ended December 31, 2025, 2024 and 2023, IHAM had management and incentive fee income of $52, $53 and $56, respectively, and investment-related income of $282, $344 and $328, respectively, which included net realized gains or losses on investments and other transactions. The amortized cost and fair value of the Company’s investment in IHAM as of December 31, 2025 and 2024 were as follows: As of December 31, 2025 2024 Amortized Cost Fair Value Amortized Cost Fair Value Subordinated loan(1) $ 530 $ 530 $ — $ — Equity 1,701 1,904 1,701 1,915 Total investment in IHAM $ 2,231 $ 2,434 $ 1,701 $ 1,915 _______________________________________________________________________________ (1) The Company has provided a commitment to fund up to $750 and $500, as of December 31, 2025 and 2024, respectively, to IHAM, with availability of funding solely at the Company’s discretion. The interest income and dividend income that the Company earned from IHAM for the years ended December 31, 2025, 2024 and 2023 were as follows: For the Year Ended December 31, 2025 2024 2023 Interest income $ 8 $ 2 $ 29 Dividend income $ 292 $ 285 $ 243 From time to time, IHAM or certain IHAM Vehicles may purchase investments from, or sell investments to, the Company. For any such sales or purchases by the IHAM Vehicles to or from the Company, the IHAM Vehicle must obtain approval from third parties unaffiliated with the Company or IHAM, as applicable. During the years ended December 31, 2025, 2024 and 2023, IHAM or certain of the IHAM Vehicles purchased $3,707, $759 and $1,193, respectively, of loans from the Company. For the years ended December 31, 2025, 2024 and 2023, the Company recognized approximately $0, $1 and $13 of net realized losses, respectively, from these sales. During the year ended December 31, 2025, neither IHAM nor any IHAM Vehicles sold any investments to the Company. During the year ended December 31, 2024 and 2023, IHAM or certain IHAM Vehicles sold $32 and $85, respectively, of investments to the Company. The yields at amortized cost and fair value of the Company’s investments in IHAM as of December 31, 2025 and 2024 were as follows: As of December 31, 2025 2024 Amortized Cost Fair Value Amortized Cost Fair Value Subordinated loan 10.3 % 10.3 % — % — % Equity(1) 17.2 % 15.3 % 16.7 % 14.8 % _______________________________________________________________________________ (1) Represents the yield on the Company’s equity investment in IHAM, which is computed as (a) the annualized amount of the regular dividend received by the Company related to the Company’s equity investment in IHAM during the most recent quarter end, divided by (b) the amortized cost or fair value of the Company’s equity investment in IHAM, as applicable. F-171
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IHAM is party to an administration agreement, referred to herein as the “IHAM administration agreement,” with Ares Operations. Pursuant to the IHAM administration agreement, Ares Operations provides IHAM with, among other things, office facilities, equipment, clerical, bookkeeping and record keeping services, services relating to the marketing and sale of interests in vehicles managed by IHAM, services of, and oversight of, custodians, depositories, accountants, attorneys, underwriters and such other persons in any other capacity deemed to be necessary. Under the IHAM administration agreement, IHAM reimburses Ares Operations for all of the actual costs associated with such services, including Ares Operations’ allocable portion of the compensation, rent and other expenses of its officers, employees and respective staff in performing its obligations under the IHAM administration agreement. Selected Financial Information Pursuant to Rule 4-08(g) of Regulation S-X, selected financial information of IHAM, in conformity with GAAP, as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023 are presented below. In conformity with GAAP, IHAM is required to consolidate entities in which IHAM has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model, which include certain of the IHAM Vehicles (the “Consolidated IHAM Vehicles”). As such, for GAAP purposes only, IHAM consolidates (a) entities in which it holds a majority voting interest or has majority ownership and control over the operational, financial and investing decisions of that entity and (b) entities that it concludes are variable interest entities in which IHAM has more than insignificant economic interest and power to direct the activities that most significantly impact the entities, and for which IHAM is deemed to be the primary beneficiary. When IHAM consolidates an IHAM Vehicle for GAAP purposes only, IHAM reflects the assets, liabilities, revenues and expenses of the Consolidated IHAM Vehicles on a gross basis, including the economic interests held by third-party investors in the Consolidated IHAM Vehicles as debt obligations, subordinated notes or non-controlling interests, in the consolidated IHAM financials below. All of the revenues earned by IHAM as the investment manager of the Consolidated IHAM Vehicles are eliminated in GAAP consolidation. However, because the eliminated amounts are earned from and funded by third-party investors, the GAAP consolidation of an IHAM Vehicle does not impact the net income or loss attributable to IHAM. As a result, the Company believes an assessment of IHAM's business and the impact to the Company’s investment in IHAM is best viewed on a stand-alone basis as reflected in the first column in the tables below. F-172
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As of December 31, 2025 IHAM ConsolidatedIHAM Vehicles(1) Eliminations Consolidated Selected Balance Sheet Information: Assets Investments at fair value(2) $ 3,108 $ 11,504 $ (3,013) $ 11,599 Cash and cash equivalents 10 597 — 607 Other assets 93 146 (82) 157 Total assets $ 3,211 $ 12,247 $ (3,095) $ 12,363 Liabilities Debt $ 893 $ 8,622 $ — $ 9,515 Subordinated note from ARCC 531 — — 531 Subordinated notes(3) — 1,277 (941) 336 Other liabilities 20 311 (18) 313 Total liabilities 1,444 10,210 (959) 10,695 Equity Contributed capital 1,701 — — 1,701 Accumulated earnings 148 — — 148 Net unrealized losses on investments and foreign currencytransactions(4) (82) — — (82) Non-controlling interests in Consolidated IHAM Vehicles(5) — 2,037 (2,136) (99) Total equity 1,767 2,037 (2,136) 1,668 Total liabilities and equity $ 3,211 $ 12,247 $ (3,095) $ 12,363 As of December 31, 2024 IHAM ConsolidatedIHAM Vehicles(1) Eliminations Consolidated Selected Balance Sheet Information: Assets Investments at fair value(2) $ 2,160 $ 8,098 $ (2,086) $ 8,172 Cash and cash equivalents 9 967 — 976 Other assets 60 122 (54) 128 Total assets $ 2,229 $ 9,187 $ (2,140) $ 9,276 Liabilities Debt $ 406 $ 6,550 $ — $ 6,956 Subordinated notes(3) — 1,025 (714) 311 Other liabilities 16 266 (13) 269 Total liabilities 422 7,841 (727) 7,536 Equity Contributed capital 1,700 — — 1,700 Accumulated earnings 186 — — 186 Net unrealized losses on investments and foreign currencytransactions(4) (79) — — (79) Non-controlling interests in Consolidated IHAM Vehicles(5) — 1,346 (1,413) (67) Total equity 1,807 1,346 (1,413) 1,740 Total liabilities and equity $ 2,229 $ 9,187 $ (2,140) $ 9,276 ________________________________________ F-173
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(1) Consolidated for GAAP purposes only. (2) The determination of such fair value is determined in accordance with IHAM’s valuation process (separate and apart from the Company’s valuation process described elsewhere herein). The amortized cost of IHAM’s total investments as of December 31, 2025 and 2024 was $3,190 and $2,237, respectively. The amortized cost of the total investments of IHAM on a consolidated basis as of December 31, 2025 and 2024 was $11,766 and $8,343, respectively. (3) Subordinated notes generally represent the most junior capital in certain of the Consolidated IHAM Vehicles and effectively represent equity in such vehicles. (4) As of December 31, 2025 and 2024, net unrealized losses of $85 and $70, respectively, have been eliminated upon consolidation and the elimination is included in “non-controlling interests in Consolidated IHAM Vehicles” in the selected balance sheet information. (5) Non-controlling interests in Consolidated IHAM Vehicles includes net unrealized depreciation in the Consolidated IHAM Vehicles of $167 and $171 as of December 31, 2025 and 2024, respectively. For the Year Ended December 31, 2025 IHAM ConsolidatedIHAM Vehicles(1) Eliminations Consolidated Selected Statement of Operations Information: Revenues Investment income $ 310 $ 930 $ (304) $ 936 Management fees and other income 52 11 (51) 12 Total revenues 362 941 (355) 948 Expenses Interest expense 64 487 — 551 Distributions to subordinated notes — 147 (105) 42 Management fees and other expenses 17 59 (51) 25 Total expenses 81 693 (156) 618 Net operating income 281 248 (199) 330 Net realized losses on investments and foreign currency (28) (99) 18 (109) Net realized gains (losses) on extinguishment of debt — 21 (23) (2) Net unrealized gains (losses) on investments, foreign currency andother transactions (3) (13) 16 — Total net realized and unrealized losses on investments, foreigncurrency and other transactions (31) (91) 11 (111) Net income 250 157 (188) 219 Less: Net income (loss) attributable to non-controlling interests inConsolidated IHAM Vehicles — 157 (188) (31) Net income attributable to Ivy Hill Asset Management, L.P. $ 250 $ — $ — $ 250 F-174
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For the Year Ended December 31, 2024 IHAM ConsolidatedIHAM Vehicles(1) Eliminations Consolidated Selected Statement of Operations Information: Revenues Investment income $ 344 $ 1,014 $ (337) $ 1,021 Management fees and other income 53 12 (50) 15 Total revenues 397 1,026 (387) 1,036 Expenses Interest expense 37 564 — 601 Distributions to subordinated notes — 207 (152) 55 Management fees and other expenses 15 61 (50) 26 Total expenses 52 832 (202) 682 Net operating income 345 194 (185) 354 Net realized gains (losses) on investments and foreign currency — (132) (4) (136) Net realized gain on extinguishment of debt — 1 2 3 Net unrealized gains (losses) on investments, foreign currency andother transactions (64) 62 57 55 Total net realized and unrealized losses on investments, foreigncurrency and other transactions (64) (69) 55 (78) Net income 281 125 (130) 276 Less: Net income (loss) attributable to non-controlling interests inConsolidated IHAM Vehicles — 125 (130) (5) Net income attributable to Ivy Hill Asset Management, L.P. $ 281 $ — $ — $ 281 __________________________________ (1) Consolidated for GAAP purposes only. Senior Direct Lending Program The Company has established a joint venture with Varagon to make certain first lien senior secured loans, including certain stretch senior and unitranche loans, primarily to U.S. middle-market companies. The joint venture is called the Senior Direct Lending Program. In July 2016, the Company and Varagon and its clients completed the initial funding of the SDLP. The Company and other BDCs, registered closed-end management investment companies and other affiliated investment entities managed by the Company’s investment adviser or its affiliates may directly co-invest with the SDLP. The SDLP is capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the SDLP must be approved by an investment committee of the SDLP consisting of representatives of the Company and Varagon (with approval from a representative of each required). The Company provides capital to the SDLP in the form of subordinated certificates (the “SDLP Certificates”), and Varagon and its clients provide capital to the SDLP in the form of senior notes, intermediate funding notes and the SDLP Certificates. As of December 31, 2025 and 2024, the Company and a client of Varagon owned 87.5% and 12.5%, respectively, of the outstanding SDLP Certificates. As of December 31, 2025 and 2024, the Company and Varagon and its clients had agreed to make capital available to the SDLP of $6,150 and $6,150, respectively, in the aggregate, of which $1,444 and $1,444, respectively, is to be made available from the Company. The Company will continue to provide capital to the SDLP in the form of the SDLP Certificates, and Varagon and its clients will provide capital to the SDLP in the form of senior notes, intermediate funding notes and the SDLP Certificates. This capital will only be committed to the SDLP upon approval of transactions by the investment committee of the SDLP as discussed above. Below is a summary of the funded capital and unfunded capital commitments of the SDLP. F-175
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As of December 31, 2025 2024 Total capital funded to the SDLP(1) $ 4,606 $ 5,054 Total capital funded to the SDLP by the Company(1) $ 1,285 $ 1,310 Total unfunded capital commitments to the SDLP(2) $ 259 $ 489 Total unfunded capital commitments to the SDLP by the Company(2) $ 60 $ 119 ___________________________________________________________________________ (1) At principal amount. (2) These commitments to fund delayed draw loans have been approved by the investment committee of the SDLP and will be funded if and when conditions to funding such delayed draw loans are met. The SDLP Certificates pay a coupon equal to Secured Overnight Financing Rate (“SOFR”) plus 8.0% and also entitle the holders thereof to receive a portion of the excess cash flow from the loan portfolio, after expenses, which may result in a return to the holders of the SDLP Certificates that is greater than the stated coupon. The SDLP Certificates are junior in right of payment to the senior notes and intermediate funding notes. The amortized cost and fair value of the SDLP Certificates held by the Company and the Company’s yield on its investment in the SDLP Certificates at amortized cost and fair value as of December 31, 2025 and 2024 were as follows: As of December 31, 2025 2024 Amortized Cost Fair Value Amortized Cost Fair Value Investment in the SDLP Certificates $ 1,103 $ 1,117 $ 1,263 $ 1,192 Yield on the investment in the SDLP Certificates 13.2 % 13.0 % 12.4 % 13.2 % The interest income, capital structuring service fees and other income earned with respect to the Company’s investment in the SDLP Certificates for the years ended December 31, 2025, 2024 and 2023 were as follows: For the Years Ended December 31, 2025 2024 2023 Interest income $ 145 $ 173 $ 174 Capital structuring service fees and other income $ 9 $ 17 $ 13 As of December 31, 2025 and 2024, the SDLP portfolio was comprised of first lien senior secured loans to primarily U.S. middle-market companies in industries similar to the companies in the Company’s portfolio. As of December 31, 2025, none of the loans in the SDLP portfolio were on non-accrual status. As of December 31, 2024, two of the loans in the SDLP portfolio were on non-accrual status. Below is a summary of the SDLP portfolio. As of December 31, 2025 2024 Total first lien senior secured loans(1)(2) $ 4,297 $ 4,759 Largest loan to a single borrower(1) $ 413 $ 400 Total of five largest loans to borrowers(1) $ 1,719 $ 1,692 Number of borrowers in the SDLP 39 20 Commitments to fund delayed draw loans(3) $ 259 $ 489 ___________________________________________________________________________ (1) At principal amount. (2) First lien senior secured loans include certain loans that the SDLP classifies as “unitranche” loans. As of December 31, 2025 and 2024, the total principal amount of loans in the SDLP portfolio that the SDLP classified as “unitranche” loans was $2,844 and $3,937, respectively. F-176
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(3) These commitments to fund delayed draw loans have been approved by the investment committee of the SDLP and will be funded if and when conditions to funding such delayed draw loans are met. 5. DEBT In accordance with the Investment Company Act, the Company is allowed to borrow amounts such that its asset coverage, calculated pursuant to the Investment Company Act, is at least 150% after such borrowing. The Company’s asset coverage requirement applicable to senior securities was reduced from 200% to 150% effective June 21, 2019. As of December 31, 2025, the aggregate principal amount outstanding of the senior securities issued by the Company was $16,012 and the Company’s asset coverage was 189%. The Company’s outstanding debt as of December 31, 2025 and 2024 was as follows: As of December 31, 2025 2024 Total AggregatePrincipal AmountCommitted/Outstanding (1) PrincipalAmountOutstanding CarryingValue Total AggregatePrincipal AmountCommitted/Outstanding (1) PrincipalAmountOutstanding CarryingValue Revolving Credit Facility $ 5,493 (2) $ 2,028 $ 2,031 $ 4,513 (2) $ 1,113 $ 1,113 Revolving Funding Facility 2,250 1,234 1,234 2,150 1,065 1,065 SMBC Funding Facility 1,100 (3) 563 563 800 (3) 502 502 BNP Funding Facility 1,265 717 717 1,265 889 889 April 2036 CLO Notes(4) 476 476 473 (5) 476 476 473 (5) October 2036 CLO SecuredLoans(4) 544 544 541 (5) 544 544 541 (5) January 2038 CLO Notes (4) 700 700 697 (5) — — — March 2025 Notes — — — (5) 600 600 600 (5) July 2025 Notes — — — (5) 1,250 1,250 1,252 (5) January 2026 Notes 1,150 1,150 1,150 (5) 1,150 1,150 1,148 (5) July 2026 Notes 1,000 1,000 999 (5) 1,000 1,000 996 (5) January 2027 Notes 900 900 900 (5)(6) 900 900 891 (5)(6) June 2027 Notes 500 500 498 (5) 500 500 497 (5) June 2028 Notes 1,250 1,250 1,248 (5) 1,250 1,250 1,248 (5) March 2029 Notes 1,000 1,000 999 (5)(6) 1,000 1,000 985 (5)(6) July 2029 Notes 850 850 861 (5)(6) 850 850 835 (5)(6) September 2030 Notes 750 750 743 (5)(6) — — — January 2031 Notes 650 650 634 (5)(6) — — — November 2031 Notes 700 700 693 (5) 700 700 692 (5) March 2032 Notes 1,000 1,000 1,010 (5)(6) — — — Total $ 21,578 $ 16,012 $ 15,991 $ 18,948 $ 13,789 $ 13,727 ________________________________________ (1) Represents the total aggregate amount committed or outstanding, as applicable, under such instrument. Borrowings under the Revolving Credit Facility, Revolving Funding Facility, SMBC Funding Facility and BNP Funding Facility (each as defined below) are subject to borrowing base and other restrictions. (2) Provides for an “accordion” feature that allows the Company, under certain circumstances, to increase the size of the Revolving Credit Facility to a maximum of approximately $7,925 and $6,732 as of December 31, 2025 and 2024, respectively. F-177
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(3) Provides for an “accordion” feature that allows ACJB (as defined below), under certain circumstances, to increase the size of the SMBC Funding Facility to a maximum of $1,300 and $1,000 as of December 31, 2025 and 2024, respectively. (4) Excludes the April 2036 CLO Subordinated Notes, the October 2036 CLO Subordinated Notes and the January 2038 CLO Subordinated Notes (each as defined below), which were retained by the Company and, as such, eliminated in consolidation. (5) Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted/amortized discount or premium recorded upon issuance. In March 2025 and July 2025, the Company repaid in full the March 2025 Notes and the July 2025 Notes (each as defined below), respectively, upon their maturity. See Note 16 for a subsequent event relating to the January 2026 Notes (as defined below). (6) The carrying value of the January 2027 Notes, the March 2029 Notes, the July 2029 Notes, the September 2030 Notes, the January 2031 Notes and the March 2032 Notes (each as defined below) as of December 31, 2025 includes adjustments as a result of effective hedge accounting relationships. The carrying value of the January 2027 Notes, the March 2029 Notes and the July 2029 Notes as of December 31, 2024 includes adjustments as a result of effective hedge accounting relationships. See Note 6 for more information on the interest rate swaps related to these unsecured notes issuances. The weighted average stated interest rate and weighted average maturity, both on aggregate principal amount outstanding, of all the Company’s outstanding debt as of December 31, 2025 were 4.9% and 4.2 years, respectively, and as of December 31, 2024 were 4.9% and 3.8 years, respectively. The weighted average stated interest rate of all the Company’s outstanding debt as of December 31, 2025 and 2024 includes the impact of interest rate swaps. See Note 6 for more information on the interest rate swaps. Revolving Credit Facility The Company is party to a senior secured revolving credit facility (as amended and restated, the “Revolving Credit Facility”) that allows the Company to borrow up to $5,493 at any one time outstanding. The Revolving Credit Facility consists of an approximately $4,349 revolving tranche and an approximately $1,144 term loan tranche. As of December 31, 2025, the end of the revolving periods and the stated maturity dates of the various revolving and term loan tranches of the Revolving Credit Facility were as follows: Total Aggregate Principal AmountCommitted End of Revolving Period Maturity Date Revolving tranche $ 4,058 April 15, 2029 April 15, 2030 246 March 31, 2026 March 31, 2027 45 April 12, 2028 April 12, 2029 4,349 Term loan tranche 1,035 April 15, 2030 45 April 12, 2029 40 April 19, 2028 24 March 31, 2027 1,144 $ 5,493 The Revolving Credit Facility also provides for an “accordion” feature that allows the Company, under certain circumstances, to increase the overall size of the Revolving Credit Facility to a maximum of approximately $7,925. The Revolving Credit Facility generally requires payments of interest at the end of each SOFR interest period, but no less frequently than quarterly, on SOFR based loans, and monthly payments of interest on other loans. Subsequent to the end of the respective revolving periods and prior to the respective stated maturity dates, the Company is required to repay the relevant outstanding principal amounts under both the term loan tranche and revolving tranche on a monthly basis in an amount equal to 1/12th of the outstanding principal amount at the end of the respective revolving periods. Under the Revolving Credit Facility, the Company is required to comply with various covenants, reporting requirements and other customary requirements for similar revolving credit facilities, including, without limitation, covenants F-178
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related to: (a) limitations on the incurrence of additional indebtedness and liens, (b) limitations on certain investments, (c) limitations on certain restricted payments, (d) maintaining a certain minimum stockholders’ equity, (e) maintaining a ratio of total assets (less total liabilities not representing indebtedness) to total indebtedness of the Company and its consolidated subsidiaries (subject to certain exceptions) of not less than 1.5:1.0, (f) limitations on pledging certain unencumbered assets, and (g) limitations on the creation or existence of agreements that prohibit liens on certain properties of the Company and certain of its subsidiaries. These covenants are subject to important limitations and exceptions that are described in the documents governing the Revolving Credit Facility. Amounts available to borrow under the Revolving Credit Facility (and the incurrence of certain other permitted debt) are also subject to compliance with a borrowing base that applies different advance rates to different types of assets (based on their value as determined pursuant to the Revolving Credit Facility) that are pledged as collateral. As of December 31, 2025, the Company was in compliance in all material respects with the terms of the Revolving Credit Facility. As of December 31, 2025 and 2024, there was $2,028 and $1,113 outstanding, respectively, under the Revolving Credit Facility. The Revolving Credit Facility also provides for a sub-limit for the issuance of letters of credit for up to an aggregate amount of $400. As of December 31, 2025 and 2024, the Company had $54 and $52, respectively, in letters of credit issued through the Revolving Credit Facility. The amount available for borrowing under the Revolving Credit Facility is reduced by any letters of credit and swingline loans issued. As of December 31, 2025, there was $3,411, available for borrowing (net of letters of credit and swingline loans issued) under the Revolving Credit Facility, subject to borrowing base restrictions. Since April 15, 2025, subject to certain exceptions, the interest rate charged on the Revolving Credit Facility is based on SOFR plus a credit spread adjustment of 0.10% (or an alternate rate of interest for certain loans, commitments and/or other extensions of credit denominated in certain approved foreign currencies plus a spread adjustment, if applicable) plus an applicable spread of either 1.525%, 1.650% or 1.775% or an “alternate base rate” (as defined in the documents governing the Revolving Credit Facility) plus an applicable spread of either 0.525%, 0.650% or 0.775%, in each case, determined monthly based on the total amount of the borrowing base relative to the sum of (i) the greater of (a) the aggregate amount of revolving credit exposure and term loans outstanding under the Revolving Credit Facility and (b) 85% of the total commitments of the Revolving Credit Facility (or, if higher, the total revolving exposure) plus (ii) other debt, if any, secured by the same collateral as the Revolving Credit Facility. Prior to April 15, 2025, the interest rate charged on the Revolving Credit Facility was based on SOFR plus a credit spread adjustment of 0.10% (or an alternate rate of interest for certain loans, commitments and/or other extensions of credit denominated in certain approved foreign currencies plus a spread adjustment, if applicable) plus an applicable spread of either 1.750% or 1.875% or an “alternate base rate” plus an applicable spread of either 0.750% or 0.875%, in each case, determined monthly based on the total amount of the borrowing base relative to the sum of (i) the greater of (a) the aggregate amount of revolving exposure and term loans outstanding under the Revolving Credit Facility and (b) 85% of the total commitments of the Revolving Credit Facility (or, if higher, the total revolving credit exposure) plus (ii) other debt, if any, secured by the same collateral as the Revolving Credit Facility. The Revolving Credit Facility allows for borrowings to be made using one, three or six month SOFR. As of December 31, 2025, the one, three and six month SOFR was 3.69%, 3.65% and 3.57%, respectively. As of December 31, 2025, the applicable weighted average spread in effect was 1.53%. Subject to certain exceptions, the Company is required to pay a commitment fee of 0.325% per annum on any unused portion of the Revolving Credit Facility. The Company is also required to pay a letter of credit fee of either 1.775%, 1.900% or 2.025% per annum on letters of credit issued, determined monthly based on the total amount of the borrowing base relative to the total commitments of the Revolving Credit Facility and other debt, if any, secured by the same collateral as the Revolving Credit Facility. The Revolving Credit Facility is secured by certain assets in the Company’s portfolio and excludes investments held by Ares Capital CP (as defined below) under the Revolving Funding Facility, those held by ACJB (as defined below) under the SMBC Funding Facility, those held by AFB (as defined below) under the BNP Funding Facility and those held by ADL CLO 1, ADL CLO 4 and ADL CLO 7 (each as defined below) and certain other investments. For the years ended December 31, 2025, 2024 and 2023, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Revolving Credit Facility were as follows: F-179
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For the Years Ended December 31, 2025 2024 2023 Stated interest expense $ 97 $ 102 $ 122 Credit facility fees 12 13 13 Amortization of debt issuance costs 8 9 8 Total interest and credit facility fees expense $ 117 $ 124 $ 143 Cash paid for interest expense $ 109 $ 118 $ 116 Average stated interest rate 5.93 % 7.07 % 6.80 % Average outstanding balance $ 1,613 $ 1,421 $ 1,795 Letter of Credit Facility The Company and Deutsche Bank AG New York Branch (the “DB Issuer”) are party to an uncommitted continuing agreement (the “Letter of Credit Facility”), which allows the DB Issuer to issue letters of credit or demand guarantees, at the request of the Company, on behalf of certain portfolio companies. The Company is required to make payments to the DB Issuer if the portfolio companies were to default on their related payment obligations. The Letter of Credit Facility is secured on a pari passu basis with the Revolving Credit Facility and pursuant to substantially the same collateral as the Revolving Credit Facility. As of December 31, 2025 and 2024, the DB Issuer had $218 and $140, respectively, in letters of credit issued under the Letter of Credit Facility. Revolving Funding Facility The Company and the Company’s consolidated subsidiary, Ares Capital CP Funding LLC (“Ares Capital CP”), are party to a revolving funding facility (as amended, the “Revolving Funding Facility”), that allows Ares Capital CP to borrow up to $2,250 at any one time outstanding. The Revolving Funding Facility is secured by all of the assets held by, and the Company’s membership interest in, Ares Capital CP. The end of the reinvestment period and the stated maturity date for the Revolving Funding Facility are July 28, 2028 and July 28, 2030, respectively. Amounts available to borrow under the Revolving Funding Facility are subject to a borrowing base that applies different advance rates to different types of assets held by Ares Capital CP. Ares Capital CP is also subject to limitations with respect to the loans securing the Revolving Funding Facility, including restrictions on sector concentrations, loan size, payment frequency and status, collateral interests and loans with fixed rates, as well as restrictions on portfolio company leverage, all of which may also affect the borrowing base and therefore amounts available to borrow. The Company and Ares Capital CP are also required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and exceptions that are described in the documents governing the Revolving Funding Facility. As of December 31, 2025, the Company and Ares Capital CP were in compliance in all material respects with the terms of the Revolving Funding Facility. As of December 31, 2025 and 2024, there was $1,234 and $1,065 outstanding, respectively, under the Revolving Funding Facility. Since July 28, 2025, the interest rate charged on the Revolving Funding Facility is based on SOFR or a “base rate” (as defined in the documents governing the Revolving Funding Facility) plus an applicable spread of 1.80% per annum. From October 8, 2024 to July 27, 2025, the interest rate charged on the Revolving Funding Facility was based on SOFR or a “base rate” plus an applicable spread of 2.00% per annum. Prior to October 8, 2024, the interest rate charged on the Revolving Funding Facility was based on SOFR plus a credit spread adjustment of 0.10% or a “base rate” plus an applicable spread of 1.90% per annum. Ares Capital CP is also required to pay a commitment fee of between 0.50% and 1.25% per annum depending on the size of the unused portion of the Revolving Funding Facility. For the years ended December 31, 2025, 2024 and 2023, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Revolving Funding Facility were as follows: F-180
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For the Years Ended December 31, 2025 2024 2023 Stated interest expense $ 67 $ 55 $ 61 Credit facility fees 6 7 5 Amortization of debt issuance costs 5 4 3 Total interest and credit facility fees expense $ 78 $ 66 $ 69 Cash paid for interest expense $ 72 $ 56 $ 60 Average stated interest rate 6.15 % 7.15 % 7.10 % Average outstanding balance $ 1,068 $ 751 $ 855 SMBC Funding Facility The Company and the Company’s consolidated subsidiary, Ares Capital JB Funding LLC (“ACJB”), are party to a revolving funding facility (as amended, the “SMBC Funding Facility”), with ACJB, as the borrower, and Sumitomo Mitsui Banking Corporation, as the administrative agent and collateral agent, that allows ACJB to borrow up to $1,100 at any one time outstanding. The SMBC Funding Facility also provides for an “accordion” feature that allows ACJB, under certain circumstances, to increase the overall size of the SMBC Funding Facility to $1,300. The SMBC Funding Facility is secured by all of the assets held by ACJB. The end of the reinvestment period and the stated maturity date for the SMBC Funding Facility are July 25, 2028 and July 25, 2030, respectively. The reinvestment period and the stated maturity date are both subject to two one-year extensions by mutual agreement. Amounts available to borrow under the SMBC Funding Facility are subject to a borrowing base that applies an advance rate to assets held by ACJB. ACJB is also subject to limitations with respect to the loans securing the SMBC Funding Facility, including restrictions on sector concentrations, loan size, payment frequency and status, collateral interests and loans with fixed rates, as well as restrictions on portfolio company leverage, all of which may also affect the borrowing base and therefore amounts available to borrow. The Company and ACJB are also required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and exceptions that are described in the documents governing the SMBC Funding Facility. As of December 31, 2025, the Company and ACJB were in compliance in all material respects with the terms of the SMBC Funding Facility. As of December 31, 2025 and 2024, there was $563 and $502 outstanding, respectively, under the SMBC Funding Facility. Since July 25, 2025, the interest rate charged on the SMBC Funding Facility is based on an applicable spread of either (i) 1.80% over SOFR or (ii) 0.80% over a “base rate” (as defined in the documents governing the SMBC Funding Facility). From December 6, 2024 to July 24, 2025, the interest rate charged on the SMBC Funding Facility was based on an applicable spread of either (i) 2.00% over one month SOFR or (ii) 1.00% over a “base rate”, in each case, determined monthly based on the amount of the average borrowings outstanding under the SMBC Funding Facility. From March 28, 2024 to December 5, 2024, the interest rate charged on the SMBC Funding Facility was based on an applicable spread of either (i) 2.50% over one month SOFR or (ii) 1.50% over a “base rate”, in each case, determined monthly based on the amount of the average borrowings outstanding under the SMBC Funding Facility. From April 28, 2023 to March 27, 2024, the interest rate charged on the SMBC Funding Facility was based on an applicable spread of either (i) 1.75% or 2.00% over one month SOFR plus a credit spread adjustment of 0.10% or (ii) 0.75% or 1.00% over a “base rate”, in each case, determined monthly based on the amount of the average borrowings outstanding under the SMBC Funding Facility. Prior to April 28, 2023, the interest rate charged on the SMBC Funding Facility was based on an applicable spread of either (i) 1.75% or 2.00% over one month LIBOR or (ii) 0.75% or 1.00% over a “base rate”, in each case, determined monthly based on the amount of the average borrowings outstanding under the SMBC Funding Facility. ACJB is required to pay a commitment fee of between 0.50% and 1.00% per annum depending on the size of the unused portion of the SMBC Funding Facility. For the years ended December 31, 2025, 2024 and 2023, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the SMBC Funding Facility were as follows: F-181
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For the Years Ended December 31, 2025 2024 2023 Stated interest expense $ 28 $ 30 $ 29 Credit facility fees 3 2 2 Amortization of debt issuance costs 3 2 2 Total interest and credit facility fees expense $ 34 $ 34 $ 33 Cash paid for interest expense $ 30 $ 30 $ 28 Average stated interest rate 6.13 % 7.50 % 6.92 % Average outstanding balance $ 455 $ 398 $ 410 BNP Funding Facility The Company and the Company’s consolidated subsidiary, ARCC FB Funding LLC (“AFB”), are party to a revolving funding facility (as amended, the “BNP Funding Facility”) with AFB, as the borrower, and BNP Paribas, as the administrative agent and lender, that allows AFB to borrow up to $1,265 at any one time outstanding. The BNP Funding Facility is secured by all of the assets held by AFB. The end of the reinvestment period and the stated maturity date for the BNP Funding Facility are March 20, 2028 and March 20, 2030, respectively. Amounts available to borrow under the BNP Funding Facility are subject to a borrowing base that applies an advance rate to assets held by AFB. AFB is also subject to limitations with respect to the loans securing the BNP Funding Facility, including restrictions on sector concentrations, loan size, payment frequency and status, collateral interests and loans with fixed rates, as well as restrictions on portfolio company leverage, all of which may also affect the borrowing base and therefore amounts available to borrow. The Company and AFB are also required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and exceptions that are described in the documents governing the BNP Funding Facility. As of December 31, 2025, the Company and AFB were in compliance in all material respects with the terms of the BNP Funding Facility. As of December 31, 2025 and 2024, there was $717 and $889, respectively, outstanding under the BNP Funding Facility. Since March 20, 2025, the interest rate charged on the BNP Funding Facility is based on an applicable SOFR or a “base rate” (as defined in the documents governing the BNP Funding Facility) plus a margin of (i) 1.90% during the reinvestment period and (ii) 2.40% following the reinvestment period. From January 9, 2023 to March 19, 2025, the range of interest rate charged on the BNP Funding Facility was based on an applicable SOFR or a “base rate” plus a margin of between 2.10% and 2.80% during the reinvestment period. Prior to January 9, 2023, the interest rate charged on the BNP Funding Facility was based on three month LIBOR or a “base rate” plus a margin of (i) 1.80% during the reinvestment period and (ii) 2.30% following the reinvestment period. For the years ended December 31, 2025, 2024 and 2023, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the BNP Funding Facility were as follows: For the Years Ended December 31, 2025 2024 2023 Stated interest expense $ 45 $ 48 $ 35 Credit facility fees 2 1 1 Amortization of debt issuance costs 2 2 2 Total interest and credit facility fees expense $ 49 $ 51 $ 38 Cash paid for interest expense $ 48 $ 48 $ 33 Average stated interest rate 6.18 % 7.48 % 7.90 % Average outstanding balance $ 721 $ 629 $ 438 Debt Securitizations ADL CLO 1 Debt Securitization F-182
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In May 2024, Ares Direct Lending CLO 1 LLC (“ADL CLO 1”), a wholly owned, consolidated subsidiary of the Company, completed a $702 term debt securitization (the “ADL CLO 1 Debt Securitization”). The ADL CLO 1 Debt Securitization is also known as a collateralized loan obligation and is an on-balance sheet financing incurred by ADL CLO 1, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the ADL CLO 1 Debt Securitization that mature on April 25, 2036 (collectively, the “April 2036 CLO Notes”) were issued by ADL CLO 1 pursuant to the indenture governing the April 2036 CLO Notes (the “April 2036 CLO Indenture”) and include (i) $406 of Class A Senior Notes (the “April 2036 Class A CLO Notes”); (ii) $70 of Class B Senior Notes (the “April 2036 Class B CLO Notes” and, together with the April 2036 Class A CLO Notes, the “April 2036 CLO Secured Notes”); and (iii) approximately $226 of subordinated notes (the “April 2036 CLO Subordinated Notes”). The Company retained all of the April 2036 CLO Subordinated Notes, as such, the April 2036 CLO Subordinated Notes are eliminated in consolidation. The following table presents information on the April 2036 CLO Notes as of December 31, 2025: Class Type PrincipalOutstanding Maturity Date Interest Rate April 2036 Class A CLO Notes Senior Secured Floating Rate $ 406 April 25, 2036 SOFR+1.80% April 2036 Class B CLO Notes Senior Secured Floating Rate 70 April 25, 2036 SOFR+2.20% Total April 2036 CLO Secured Notes 476 April 2036 CLO Subordinated Notes Subordinated 226 April 25, 2036 None Total April 2036 CLO Notes $ 702 The April 2036 CLO Secured Notes are the secured obligations of ADL CLO 1 and are backed by a diversified portfolio of first lien senior secured loans contributed by the Company to ADL CLO 1 pursuant to the terms of a contribution agreement. The April 2036 CLO Indenture contains certain conditions pursuant to which additional loans can be acquired by ADL CLO 1, in accordance with rating agency criteria or as otherwise agreed with certain institutional investors who purchased the April 2036 CLO Secured Notes. Through April 25, 2028, all principal collections received on the underlying collateral may be used by ADL CLO 1 to purchase new collateral under the direction of the Company’s investment adviser in its capacity as asset manager to ADL CLO 1 under an asset management agreement and in accordance with the Company’s investment strategy, including additional collateral that may be purchased from the Company, pursuant to the terms of a master purchase and sale agreement between the Company as seller and ADL CLO 1 as buyer. The April 2036 CLO Indenture includes customary covenants and events of default. The Company’s investment adviser serves as asset manager to ADL CLO 1 under an asset management agreement and is entitled to receive certain management fees for providing these services under the agreement. The Company’s investment adviser has agreed to waive any management fees from ADL CLO 1. ADL CLO 4 Debt Securitization In November 2024, Ares Direct Lending CLO 4 LLC (“ADL CLO 4”), a wholly owned, consolidated subsidiary of the Company, completed a $804 term debt securitization (the “ADL CLO 4 Debt Securitization”). The ADL CLO 4 Debt Securitization is also known as a collateralized loan obligation and is an on-balance sheet financing incurred by ADL CLO 4, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The loans incurred by ADL CLO 4 in the ADL CLO 4 Debt Securitization that mature on October 24, 2036 (collectively, the “October 2036 CLO Secured Loans”) were issued by ADL CLO 4 pursuant to the indenture governing the October 2036 CLO Secured Loans (the “October 2036 CLO Indenture”) and include (i) $464 of Class A Senior Loans (the “October 2036 Class A CLO Loans”), and (ii) $80 of Class B Senior Loans (the “October 2036 Class B CLO Loans”). The October 2036 CLO Secured Loans may be converted by the lender into notes issued by ADL CLO 4 and bearing the same economic terms, subject to certain conditions under the documents governing the October 2036 CLO Secured Loans and the October 2036 CLO Indenture governing such loans. In addition, in connection with the ADL CLO 4 Debt Securitization, ADL CLO 4 issued approximately $260 of subordinated notes (the “October 2036 CLO Subordinated Notes”). The Company retained all of the October 2036 CLO Subordinated Notes, as such, the October 2036 CLO Subordinated Notes are eliminated in consolidation. The following table presents information on the October 2036 CLO Notes as of December 31, 2025: F-183
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Class Type PrincipalOutstanding Maturity Date Interest Rate October 2036 Class A CLO Loans Senior Secured Floating Rate $ 464 October 24, 2036 SOFR+1.54% October 2036 Class B CLO Loans Senior Secured Floating Rate 80 October 24, 2036 SOFR+1.83% Total October 2036 CLO Secured Loans 544 October 2036 CLO Subordinated Notes Subordinated 260 October 24, 2036 None Total October 2036 CLO Notes $ 804 The October 2036 CLO Secured Loans are the secured obligations of ADL CLO 4 and are backed by a diversified portfolio of first lien senior secured loans contributed by the Company to ADL CLO 4 pursuant to the terms of a contribution agreement. The documents governing the October 2036 CLO Secured Loans contain certain conditions pursuant to which additional loans can be acquired by ADL CLO 4, in accordance with rating agency criteria or as otherwise agreed with lenders who extended the October 2036 CLO Secured Loans. Through October 24, 2028, all principal collections received on the underlying collateral may be used by ADL CLO 4 to purchase new collateral under the direction of the Company’s investment adviser in its capacity as asset manager to ADL CLO 4 under an asset management agreement and in accordance with the Company’s investment strategy, including additional collateral that may be purchased from the Company, pursuant to the terms of a master purchase and sale agreement between the Company as seller and ADL CLO 4 as buyer. The October 2036 CLO Indenture includes customary covenants and events of default. The Company’s investment adviser serves as asset manager to ADL CLO 4 under an asset management agreement and is entitled to receive certain management fees for providing these services under the agreement. The Company’s investment adviser has agreed to waive any management fees from ADL CLO 4. ADL CLO 7 Debt Securitization In December 2025, Ares Direct Lending CLO 7 LLC (“ADL CLO 7”), a wholly owned, consolidated subsidiary of the Company, completed a $1,003 term debt securitization (the “ADL CLO 7 Debt Securitization”). The ADL CLO 7 Debt Securitization is also known as a collateralized loan obligation and is an on-balance sheet financing incurred by ADL CLO 7, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the ADL CLO 7 Debt Securitization that mature on January 20, 2038 (collectively, the “January 2038 CLO Notes”) were issued by ADL CLO 7 pursuant to the indenture governing the January 2038 CLO Notes (the “January 2038 CLO Indenture”) and include (i) $570 of Class A-1 Senior Notes (the “January 2038 Class A-1 CLO Notes”); (ii) $50 of Class A-2 Senior Notes (the “January 2038 Class A-2 CLO Notes”); (iii) $80 of Class B Senior Notes (the “January 2038 Class B CLO Notes” and, together with the January 2038 Class A-1 CLO Notes and the January 2038 Class A-2 CLO Notes, the “January 2038 CLO Secured Notes”) and (iv) approximately $303 of subordinated notes (the “January 2038 CLO Subordinated Notes”). The Company retained all of the January 2038 CLO Subordinated Notes, as such, the January 2038 CLO Subordinated Notes are eliminated in consolidation. The following table presents information on the January 2038 CLO Notes as of December 31, 2025: Class Type PrincipalOutstanding Maturity Date Interest Rate January 2038 Class A-1 CLO Notes Senior Secured Floating Rate $ 570 January 20, 2038 SOFR+1.40% January 2038 Class A-2 CLO Notes Senior Secured Floating Rate 50 January 20, 2038 SOFR+1.65% January 2038 Class B CLO Notes Senior Secured Floating Rate 80 January 20, 2038 SOFR+1.85% Total January 2038 CLO Secured Notes 700 January 2038 CLO Subordinated Notes Subordinated 303 January 20, 2038 None Total January 2038 CLO Notes $ 1,003 The January 2038 CLO Secured Notes are the secured obligations of ADL CLO 7 and are backed by a diversified portfolio of first lien senior secured loans contributed by the Company to ADL CLO 7 pursuant to the terms of a contribution agreement. The January 2038 CLO Indenture contains certain conditions pursuant to which additional loans can be acquired by ADL CLO 7, in accordance with rating agency criteria or as otherwise agreed with certain institutional investors who purchased the January 2038 CLO Secured Notes. Through January 20, 2038, all principal collections received on the underlying collateral may be used by ADL CLO 7 to purchase new collateral under the direction of the Company’s investment adviser in its capacity as asset manager to ADL CLO 7 under an asset management agreement and in accordance with the Company’s investment strategy, including additional collateral that may be purchased from the Company, pursuant to the terms of a master purchase and sale agreement between the Company as seller and ADL CLO 7 as buyer. F-184
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The January 2038 CLO Indenture includes customary covenants and events of default. The Company’s investment adviser serves as asset manager to ADL CLO 7 under an asset management agreement and is entitled to receive certain management fees for providing these services under the agreement. The Company’s investment adviser has agreed to waive any management fees from ADL CLO 7. The interest rate charged on the April 2036 CLO Secured Notes, the October 2036 CLO Secured Loans and the January 2038 CLO Secured Notes is based on SOFR plus a blended weighted average spread of 1.86%, 1.58% and 1.47%, respectively. For the years ended December 31, 2025 and 2024, the components of interest expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the April 2036 CLO Secured Notes, the October 2036 CLO Secured Loans and the January 2038 CLO Secured Notes were as follows. For the Years Ended December 31, 2025 2024 Stated interest expense $ 64 $ 25 Amortization of debt issuance costs 1 — Total interest expense $ 65 $ 25 Cash paid for interest expense $ 60 $ 15 Average stated interest rate 5.91 % 6.94 % Average outstanding balance $ 1,076 $ 352 2024 Convertible Unsecured Notes In March 2024, the Company repaid in full the $403 in aggregate principal amount of unsecured convertible notes, which bore interest at a rate of 4.625% per year (the “2024 Convertible Notes”) upon their maturity, resulting in a realized loss on extinguishment of debt of $14. In accordance with the indenture governing the 2024 Convertible Notes, the Company settled the repayment of the 2024 Convertible Notes with a combination of cash and shares of its common stock. Approximately $393 of aggregate principal amount was settled with approximately 20 shares of the Company’s common stock and the remaining $10 of aggregate principal amount was settled with available cash. For the years ended December 31, 2024 and 2023, the components of interest expense and cash paid for interest expense for the 2024 Convertible Notes were as follows. For the Years Ended December 31, 2024 2023 Stated interest expense $ 3 $ 19 Amortization of debt issuance costs — 1 Accretion of original issue discount — 2 Total interest expense $ 3 $ 22 Cash paid for interest expense $ 9 $ 9 Unsecured Notes The Company has issued certain unsecured notes (the Company refers to each series of unsecured notes using the defined term set forth under the “Unsecured Notes” column of the table below and collectively refers to all such series as the “Unsecured Notes”), that pay interest semi-annually and all principal amounts are due upon maturity. Each of the Unsecured Notes may be redeemed in whole or in part at any time at the Company’s option at a redemption price equal to par plus a “make whole” premium, if applicable, as determined pursuant to the indentures governing each of the Unsecured Notes, plus any accrued and unpaid interest. Certain key terms related to the features for the Unsecured Notes as of December 31, 2025 are listed below. F-185
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Unsecured Notes Aggregate PrincipalAmount Issued Effective Stated InterestRate Original Issuance Date Maturity Date January 2026 Notes $ 1,150 3.875% July 15, 2020 January 15, 2026 July 2026 Notes $ 1,000 2.150% January 13, 2021 July 15, 2026 January 2027 Notes(1) $ 900 6.331% August 3, 2023 January 15, 2027 June 2027 Notes $ 500 2.875% January 13, 2022 June 15, 2027 June 2028 Notes $ 1,250 2.875% June 10, 2021 June 15, 2028 March 2029 Notes(1) $ 1,000 5.895% January 23, 2024 March 1, 2029 July 2029 Notes(1) $ 850 5.393% May 13, 2024 July 15, 2029 September 2030 Notes(1) $ 750 5.643% June 3, 2025 September 1, 2030 January 2031 Notes $ 650 5.100% September 9, 2025 January 15, 2031 November 2031 Notes $ 700 3.200% November 4, 2021 November 15, 2031 March 2032 Notes $ 1,000 5.800% January 8, 2025 March 8, 2032 ________________________________________ (1) The effective stated interest rates for the January 2027 Notes, the March 2029 Notes, the July 2029 Notes and the September 2030 Notes include the impact of interest rate swaps. In March 2025, the Company repaid in full the $600 in aggregate principal amount outstanding of unsecured notes (the “March 2025 Notes”) upon their maturity. The March 2025 Notes bore interest at a rate of 4.250% per annum. In July 2025, the Company repaid in full the $1,250 in aggregate principal amount outstanding of unsecured notes (the “July 2025 Notes”) upon their maturity. The July 2025 Notes bore interest at a rate of 3.250% per annum. In connection with certain of the unsecured notes issued by the Company, the Company has entered into interest rate swaps to more closely align the interest rates of such liabilities with the Company’s investment portfolio, which consists primarily of floating rate loans. Under the interest rate swaps, the Company receives a fixed interest rate and pays a floating interest rate of one-month SOFR plus an applicable spread. The Company designated these interest rate swaps and the associated unsecured notes as qualifying fair value hedge accounting relationships. See Note 6 for more information on the interest rate swaps. See Note 16 for subsequent events relating to the January 2026 Notes and an additional issuance of unsecured notes. For the years ended December 31, 2025, 2024 and 2023, the components of interest expense and cash paid for interest expense for the Unsecured Notes, as well as any other unsecured notes outstanding during the periods presented were as follows. For the Years Ended December 31, 2025 2024 2023 Stated interest expense(1) $ 435 $ 399 $ 269 Amortization of debt issuance costs 15 16 15 Net amortization of original issue discount/premium — (6) (7) Net gain on interest rate swaps accounted for as hedge instruments and therelated hedged items (1) — — Total interest expense $ 449 $ 409 $ 277 Cash paid for interest expense(1) $ 431 $ 399 $ 278 ________________________________________ (1) Includes the impact of the interest rate swaps. The Unsecured Notes contain certain covenants, including covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a) of the Investment Company Act, or any successor provisions, and to provide financial information to the holders of such notes under certain circumstances. These covenants are subject to important limitations and exceptions set forth in the indentures governing such notes. As of December 31, 2025, the Company was in compliance in all material respects with the terms of the respective indentures governing each of the Unsecured Notes. F-186
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The Unsecured Notes are the Company’s senior unsecured obligations and rank senior in right of payment to any future indebtedness that is expressly subordinated in right of payment to the Unsecured Notes; equal in right of payment to the Company’s existing and future unsecured indebtedness that is not expressly subordinated; effectively junior in right of payment to any of its secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities. 6. DERIVATIVE INSTRUMENTS The Company enters into derivative instruments from time to time to help mitigate its foreign currency and interest rate risk exposures. Foreign Currency Forward Contracts Certain information related to the Company’s foreign currency forward derivative instruments as of December 31, 2025 and 2024 is presented below. As of December 31, 2025 Derivative Instrument NotionalAmount Gross Amountof RecognizedAssets Gross Amountof RecognizedLiabilities Balance SheetLocation of Net Amounts Foreign currency forward contract ¥ 8,131 $ 58 $ (56) Other assets Foreign currency forward contract CAD 402 290 (295) Accounts payable and other liabilities Foreign currency forward contract £ 304 367 (369) Accounts payable and other liabilities Foreign currency forward contract £ 238 312 (315) Accounts payable and other liabilities Foreign currency forward contract € 180 210 (212) Accounts payable and other liabilities Foreign currency forward contract € 155 181 (182) Accounts payable and other liabilities Foreign currency forward contract CAD 148 107 (109) Accounts payable and other liabilities Foreign currency forward contract NZD 64 37 (37) Other assets Foreign currency forward contract NOK 64 6 (6) Other assets Foreign currency forward contract AUD 22 15 (15) Accounts payable and other liabilities Total $ 1,583 $ (1,596) As of December 31, 2024 Derivative Instrument NotionalAmount Gross Amountof RecognizedAssets Gross Amountof RecognizedLiabilities Balance SheetLocation of Net Amounts Foreign currency forward contract CAD 240 $ 184 $ (179) Other assets Foreign currency forward contract CAD 188 133 (131) Other assets Foreign currency forward contract € 182 195 (189) Other assets Foreign currency forward contract £ 133 168 (166) Other assets Foreign currency forward contract € 103 109 (105) Other assets Foreign currency forward contract NOK 97 96 (96) Other assets Foreign currency forward contract £ 74 95 (93) Other assets Foreign currency forward contract NZD 68 41 (38) Other assets Foreign currency forward contract NOK 63 6 (6) Other assets Foreign currency forward contract AUD 21 14 (14) Other assets Total $ 1,041 $ (1,017) As of December 31, 2025 and 2024, the counterparties to each of the Company’s foreign currency forward contracts were Canadian Imperial Bank of Commerce or Royal Bank of Canada. F-187
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Net realized and unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recognized by the Company for the years ended December 31, 2025, 2024 and 2023 is in the following location in the consolidated statements of operations: For the Years Ended December 31, Derivative Instrument Statement Location 2025 2024 2023 Foreign currency forwardcontract Net realized gains (losses) from foreign currency andother transactions $ (8) $ (1) $ (13) Foreign currency forwardcontract Net unrealized gains (losses) from foreign currency andother transactions $ (39) $ 51 $ (5) Interest Rate Swaps In connection with certain of the unsecured notes issued by the Company, the Company has entered into interest rate swaps to more closely align the interest rates of such liabilities with the Company’s investment portfolio, which consists primarily of floating rate loans. Under the interest rate swaps, the Company receives a fixed interest rate and pays a floating interest rate of one-month SOFR plus an applicable spread, as disclosed below. The Company designated these interest rate swaps and the associated unsecured notes as qualifying fair value hedge accounting relationships. As of December 31, 2025 and 2024, the counterparties to each of the Company’s interest rate swaps were Wells Fargo Bank, N.A or SMBC Capital Markets, Inc. Certain information related to the Company’s interest rate swaps as of December 31, 2025 is presented below. Description Hedged Item Company Receives Company Pays Maturity Date Notional Amount Interest rate swap January 2027 Notes 7.000 % SOFR +2.5810% January 15, 2027 $ 900 Interest rate swap March 2029 Notes 5.875 % SOFR +2.0230% March 1, 2029 $ 1,000 Interest rate swap July 2029 Notes 5.950 % SOFR +1.6430% July 15, 2029 $ 850 Interest rate swap September 2030 Notes 5.500 % SOFR +1.7705% September 1, 2030 $ 750 Interest rate swap(1) January 2031 Notes 5.100 % SOFR +1.7270% January 15, 2031 $ 650 Interest rate swap(1) March 2032 Notes 5.800 % SOFR +1.6995% March 8, 2032 $ 1,000 ________________________________________ (1) In connection with the issuances of the January 2031 Notes and the March 2032 Notes, the Company entered into forward-starting interest rate swaps with effective dates of July 15, 2026 and January 8, 2026, respectively. See Note 5 for more information on the January 2027 Notes, the March 2029 Notes, the July 2029 Notes, the September 2030 Notes, the January 2031 Notes and the March 2032 Notes. F-188
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As a result of the Company’s designation of the interest rate swaps as hedging instruments in qualifying fair value hedge accounting relationships, the Company is required to fair value the hedging instruments and the related hedged items, with the changes in the fair value of each being recorded in interest expense. The net gain related to the fair value hedges was approximately $1 for the year ended December 31, 2025, which is included in “interest and credit facility fees” in the Company’s consolidated statement of operations. The net loss related to the fair value hedges was approximately $0 for the year ended December 31, 2024, which is included in “interest and credit facility fees” in the Company’s consolidated statement of operations. The balance sheet impact of fair valuing the interest rate swaps as of December 31, 2025 and 2024 is presented below: As of December 31, 2025 Derivative Instrument Notional Amount Maturity Date Gross Amount ofRecognized Assets Gross Amount ofRecognizedLiabilities Balance Sheet Location of Amounts Interest rate swap(1) $ 900 January 15, 2027 $ 8 $ — Other assets Interest rate swap(2) $ 1,000 March 1, 2029 13 — Other assets Interest rate swap(3) $ 850 July 15, 2029 25 — Other assets Interest rate swap(4) $ 750 September 1, 2030 7 — Other assets Interest rate swap(5) $ 650 January 15, 2031 — (4) Accounts payable and otherliabilities Interest rate swap(6) $ 1,000 March 8, 2032 28 — Other assets Total $ 81 $ (4) ________________________________________ (1) The asset related to the fair value of the interest rate swaps was offset by a $8 increase to the carrying value of the January 2027 Notes. (2) The asset related to the fair value of the interest rate swap was offset by a $13 increase to the carrying value of the March 2029 Notes. (3) The asset related to the fair value of the interest rate swap was offset by a $25 increase to the carrying value of the July 2029 Notes. (4) The asset related to the fair value of the interest rate swap was offset by a $7 increase to the carrying value of the September 2030 Notes. (5) The liability related to the fair value of the interest rate swap was offset by a $4 decrease to the carrying value of the January 2031 Notes. (6) The asset related to the fair value of the interest rate swap was offset by a $28 increase to the carrying value of the March 2032 Notes. As of December 31, 2024 Derivative Instrument Notional Amount Maturity Date Gross Amount ofRecognized Assets Gross Amount ofRecognizedLiabilities Balance Sheet Location of Amounts Interest rate swap(1) $ 900 January 15, 2027 $ 4 $ — Other assets Interest rate swap(2) $ 1,000 March 1, 2029 — (9) Accounts payable and otherliabilities Interest rate swap(3) $ 850 July 15, 2029 7 — Other assets Total $ 11 $ (9) ________________________________________ (1) The asset related to the fair value of the interest rate swaps was offset by a $4 increase to the carrying value of the January 2027 Notes. F-189
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(2) The liability related to the fair value of the interest rate swap was offset by a $9 decrease to the carrying value of the March 2029 Notes. (3) The asset related to the fair value of the interest rate swap was offset by a $7 increase to the carrying value of the July 2029 Notes. 7. COMMITMENTS AND CONTINGENCIES Investment Commitments The Company has various commitments to fund investments in its portfolio as described below. As of December 31, 2025 and 2024, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to fund which are at (or substantially at) the Company’s discretion: As of December 31, 2025 2024 Total revolving loan commitments $ 2,734 $ 2,254 Less: funded commitments (492) (529) Less: unavailable revolving loan commitments due to borrowing base or other covenantrestrictions (11) (1) Total net unfunded revolving loan commitments 2,231 1,724 Total unfunded delayed draw loan commitments 2,989 2,193 Less: unavailable delayed draw loan commitments due to borrowing base or other covenantrestrictions (30) (22) Total net unfunded delayed draw loan commitments 2,959 2,171 Total net unfunded revolving and delayed draw loan commitments $ 5,190 $ 3,895 The Company’s commitment to fund delayed draw loans is generally triggered upon the satisfaction of certain pre-negotiated terms and conditions. Generally, the most significant and uncertain term requires the borrower to satisfy a specific use of proceeds covenant. The use of proceeds covenant typically requires the borrower to use the additional loans for the specific purpose of a permitted acquisition or permitted investment, for example. In addition to the use of proceeds covenant, the borrower is generally required to satisfy additional negotiated covenants (including specified leverage levels). Also included within the total revolving loan commitments as of December 31, 2025 were commitments to issue up to $439 in letters of credit through a financial intermediary on behalf of certain portfolio companies. As of December 31, 2025, the Company had $66 in letters of credit issued and outstanding under these commitments on behalf of the portfolio companies. For all these letters of credit issued and outstanding, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. Of these letters of credit, $63 expire in 2026 and $3 expire in 2027. The Company also has commitments to invest in the SDLP for the Company’s portion of the SDLP’s commitments to fund delayed draw loans to certain portfolio companies of the SDLP. See Note 4 for more information. As of December 31, 2025 and 2024, the Company was party to agreements to fund equity investment commitments as follows: As of December 31, 2025 2024 Total equity commitments $ 209 $ 191 Less: funded equity commitments (40) (88) Total unfunded equity commitments 169 103 Less: equity commitments substantially at discretion of the Company (43) (43) Total net unfunded equity commitments $ 126 $ 60 F-190
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In the ordinary course of business, the Company may sell certain of its investments to third-party purchasers. In particular, in connection with the sale of certain controlled portfolio company equity investments (as well as certain other sales) the Company has, and may continue to do so in the future, agreed to indemnify such purchasers for future liabilities arising from the investments and the related sale transaction. Such indemnification provisions have given rise to liabilities in the past and may do so in the future. In addition, in the ordinary course of business, the Company may guarantee certain obligations in connection with its portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable. 8. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company follows ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASC 825-10”), which provides companies the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and a better understanding of the effect of the company’s choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the balance sheet. The Company has not elected the ASC 825- 10 option to report selected financial assets and liabilities at fair value. With the exception of the line items entitled “other assets” and “debt,” which are reported at amortized cost, the carrying value of all other assets and liabilities approximate fair value. The Company also follows ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), which expands the application of fair value accounting. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Company to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, the Company has considered its principal market as the market in which the Company exits its portfolio investments with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below: • Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. In addition to using the above inputs in investment valuations, the Valuation Designee continues to employ its net asset valuation policy and procedures that have been reviewed by the Company’s board of directors in connection with their designation of the Company’s investment adviser as the valuation designee and are consistent with the provisions of Rule 2a-5 under the Investment Company Act and ASC 820-10 (see Note 2 for more information). Consistent with its valuation policy and procedures, the Valuation Designee evaluates the source of inputs, including any markets in which the Company’s investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. Because there is not a readily available market value for most of the investments in the Company’s portfolio, the fair value of the investments must typically be determined using unobservable inputs. The Company’s portfolio investments (other than as described below in the following paragraph) are typically valued using two different valuation techniques. The first valuation technique is an analysis of the enterprise value (“EV”) of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The primary method for determining EV uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA (generally defined as net income before net interest expense, income tax expense, depreciation and amortization). EBITDA multiples are typically determined based upon review of market comparable transactions and publicly traded comparable companies, if any. The Valuation Designee may also employ other valuation multiples to determine EV, such as revenues or, in the case of certain F-191
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portfolio companies in the power generation industry, kilowatt capacity. The second method for determining EV uses a discounted cash flow analysis whereby future expected cash flows of the portfolio company are discounted to determine a present value using estimated discount rates (typically a weighted average cost of capital based on costs of debt and equity consistent with current market conditions). The EV analysis is performed to determine the value of equity investments, the value of debt investments in portfolio companies where the Company has control or could gain control through an option or warrant security, and to determine if there is credit impairment for debt investments. If debt investments are credit impaired, an EV analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind-down analysis may be utilized to estimate EV. The second valuation technique is a yield analysis, which is typically performed for non-credit impaired debt investments in portfolio companies where the Company does not own a controlling equity position. To determine fair value using a yield analysis, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk. In the yield analysis, the Valuation Designee considers the current contractual interest rate, the maturity and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by the Company are substantially illiquid with no active transaction market, the Valuation Designee depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable. For other portfolio investments such as investments in the SDLP Certificates and IHAM, discounted cash flow analysis is the primary technique utilized to determine fair value. Expected future cash flows associated with the investment are discounted to determine a present value using a discount rate that reflects estimated market return requirements. The following table presents fair value measurements of cash and cash equivalents, restricted cash, investments, unfunded revolving and delayed draw loan commitments and derivatives as of December 31, 2025: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Investments not measured at net asset value $ 29,468 $ 20 $ 756 $ 28,692 Investments measured at net asset value(1) 17 Total investments $ 29,485 Unfunded revolving and delayed draw loan commitments(2) $ (32) $ — $ — $ (32) Derivatives: Foreign currency forward contracts $ (13) $ — $ (13) $ — Interest rate swaps $ 77 $ — $ 77 $ — ________________________________________ (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. (2) The fair value of unfunded revolving and delayed draw loan commitments is included in “accounts payable and other liabilities” in the accompanying consolidated balance sheet. F-192
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The following table presents fair value measurements of cash and cash equivalents, restricted cash, investments, unfunded revolving and delayed draw loan commitments and derivatives as of December 31, 2024: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Investments not measured at net asset value $ 26,711 $ 33 $ 587 $ 26,091 Investments measured at net asset value(1) 9 Total investments $ 26,720 Unfunded revolving and delayed draw loan commitments(2) $ (29) $ — $ — $ (29) Derivatives: Foreign currency forward contracts $ 24 $ — $ 24 $ — Interest rate swaps $ 2 $ — $ 2 $ — ________________________________________ (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. (2) The fair value of unfunded revolving and delayed draw loan commitments is included in “accounts payable and other liabilities” in the accompanying consolidated balance sheet. The following tables summarize the significant unobservable inputs the Valuation Designee used to value the majority of the Company’s investments categorized within Level 3 as of December 31, 2025 and 2024. The tables are not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the Valuation Designee’s determination of fair values. As of December 31, 2025 Unobservable Input Asset Category Fair Value Primary ValuationTechniques Input Estimated Range WeightedAverage First lien senior secured loans $ 17,584 Yield analysis Market yield 5.5% - 23.6% 9.5 % Second lien senior secured loans 1,063 Yield analysis Market yield 8.2% - 25.3% 13.7 % Subordinated certificates of the SDLP 1,117 Discounted cash flowanalysis Discount rate 9.4% - 12.7% 11.3 % Senior subordinated loans 1,537 Yield analysis Market yield 7.0% - 24.7% 12.8 % Preferred equity 2,475 Yield analysis Market yield 7.0% - 23.1% 13.4 % EV market multipleanalysis EBITDA multiple 3.5x - 26.0x 13.8x Ivy Hill Asset Management, L.P.(2) 2,434 Discounted cash flowanalysis Discount rate 9.3% - 16.5% 10.1 % Other equity 2,482 EV market multipleanalysis EBITDA multiple 4.5x - 33.0x 14.2x Total investments $ 28,692 ________________________________________ (1) Unobservable inputs were weighted by the relative fair value of the investments. (2) Includes the Company’s subordinated loan to and equity investments in IHAM, as applicable. (1) F-193
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As of December 31, 2024 Unobservable Input Asset Category Fair Value Primary ValuationTechniques Input Estimated Range WeightedAverage First lien senior secured loans $ 14,722 Yield analysis Market yield 3.8% - 22.9% 10.4 % Second lien senior secured loans 1,724 Yield analysis Market yield 9.6% - 23.2% 14.2 % Subordinated certificates of the SDLP 1,192 Discounted cash flowanalysis Discount rate 10.0% - 13.0% 12.0 % Senior subordinated loans 1,343 Yield analysis Market yield 8.4% - 21.9% 12.8 % Preferred equity 2,649 Yield analysis Market yield 7.0% - 19.0% 13.3 % EV market multipleanalysis EBITDA multiple 2.6x - 25.1x 15.4x Ivy Hill Asset Management, L.P.(2) 1,915 Discounted cash flowanalysis Discount rate 9.9% - 19.0% 11.4 % Other equity 2,546 EV market multipleanalysis EBITDA multiple 5.6x - 49.7x 18.1x Total investments $ 26,091 ________________________________________ (1) Unobservable inputs were weighted by the relative fair value of the investments. (2) Includes the Company’s subordinated loan to and equity investments in IHAM, as applicable. Changes in market yields, discount rates or EBITDA multiples, each in isolation, may change the fair value of certain of the Company’s investments. Generally, an increase in market yields or discount rates or a decrease in EBITDA multiples may result in a decrease in the fair value of certain of the Company’s investments. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. The following table presents changes in investments that use Level 3 inputs as of and for the year ended December 31, 2025: As of and For the YearEnded December 31,2025 Balance as of December 31, 2024 $ 26,091 Net realized gains 83 Net unrealized losses (138) Purchases 13,603 Sales (4,474) Repayments (6,767) PIK interest and dividends 496 Net accretion of discount on investments 10 Transfers into Level 3 — Transfers out of Level 3 (212) Balance as of December 31, 2025 $ 28,692 (1) F-194
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Investments that were transferred out of Level 3 during the year ended December 31, 2025 were generally as a result of changes in the observability of significant inputs or available market data for certain portfolio companies. As of December 31, 2025, the net unrealized appreciation on the investments that use Level 3 inputs was $235. For the year ended December 31, 2025, the total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to the Company’s Level 3 assets still held as of December 31, 2025, and reported within the net unrealized gains (losses) on investments, foreign currency and other transactions in the Company’s consolidated statement of operations was $(96). The following table presents changes in investments that use Level 3 inputs as of and for the year ended December 31, 2024: As of and For the YearEnded December 31,2024 Balance as of December 31, 2023 $ 22,084 Net realized losses (64) Net unrealized gains 139 Purchases 12,716 Sales (2,650) Repayments (6,543) PIK interest and dividends 461 Net accretion of discount on investments 9 Transfers into Level 3 22 Transfers out of Level 3 (83) Balance as of December 31, 2024 $ 26,091 Investments that were transferred into and out of Level 3 during the year ended December 31, 2024 were generally as a result of changes in the observability of significant inputs or available market data for certain portfolio companies. As of December 31, 2024, the net unrealized appreciation on the investments that use Level 3 inputs was $369. For the year ended December 31, 2024, the total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to the Company’s Level 3 assets still held as of December 31, 2024, and reported within the net unrealized gains (losses) on investments, foreign currency and other transactions in the Company’s consolidated statement of operations was $111. F-195
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The following are the carrying and fair values of the Company’s debt obligations as of December 31, 2025 and 2024. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. As of December 31, 2025 2024 Carrying Value(1) Fair Value(6) Carrying Value(1) Fair Value(6) Revolving Credit Facility $ 2,031 $ 2,031 $ 1,113 $ 1,113 Revolving Funding Facility 1,234 1,234 1,065 1,065 SMBC Funding Facility 563 563 502 502 BNP Funding Facility 717 717 889 889 April 2036 CLO Notes (principal amount outstanding of$476)(2) 473 (3) 473 473 (3) 476 October 2036 CLO Secured Loans (principal amountoutstanding of $544)(2) 541 (3) 541 541 (3) 544 January 2038 CLO Notes (principal amount outstandingof $700 and $0, respectively)(2) 697 (3) 697 — — March 2025 Notes (principal amount outstanding of $0and $600, respectively) — — 600 (3) 599 July 2025 Notes (principal amount outstanding of $0 and$1,250, respectively) — — 1,252 (3) 1,238 January 2026 Notes (principal amount outstanding of$1,150) 1,150 (3) 1,149 1,148 (3) 1,137 July 2026 Notes (principal amount outstanding of $1,000) 999 (3) 989 996 (3) 957 January 2027 Notes (principal amount outstanding of$900) 900 (3)(4) 923 891 (3)(4) 933 June 2027 Notes (principal amount outstanding of $500) 498 (3) 490 497 (3) 475 June 2028 Notes (principal amount outstanding of$1,250) 1,248 (3) 1,196 1,248 (3) 1,151 March 2029 Notes (principal amount outstanding of$1,000) 999 (3)(4) 1,027 985 (3)(4) 1,010 July 2029 Notes (principal amount outstanding of $850) 861 (3)(4) 874 835 (3)(4) 861 September 2030 Notes (principal amount outstanding of$750 and $0, respectively) 743 (3)(4) 756 — — January 2031 Notes (principal amount outstanding of$650 and $0, respectively) 634 (3)(4) 642 — — November 2031 Notes (principal amount outstanding of$700) 693 (3) 622 692 (3) 602 March 2032 Notes (principal amount outstanding of$1,000 and $0, respectively) 1,010 (3)(4) 1,011 — — Total $ 15,991 (5) $ 15,935 $ 13,727 (5) $ 13,552 ________________________________________ (1) The Revolving Credit Facility, the Revolving Funding Facility, the SMBC Funding Facility and the BNP Funding Facility carrying values are the same as the principal amounts outstanding. (2) Excludes the April 2036 CLO Subordinated Notes, the October 2036 CLO Subordinated Notes and the January 2028 CLO Subordinated Notes which were retained by the Company and, as such, eliminated in consolidation. See Note 5 for more information on the Debt Securitizations. (3) Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted/amortized discount or premium recorded upon issuance. (4) The carrying value of the January 2027 Notes, the March 2029 Notes, the July 2029 Notes, the September 2030 Notes, the January 2031 Notes and the March 2032 Notes as of December 31, 2025 includes adjustments as a result of F-196
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effective hedge accounting relationships. The carrying value of the January 2027 Notes, the March 2029 Notes and the July 2029 Notes as of December 31, 2024 includes adjustments as a result of effective hedge accounting relationships. See Notes 5 and 6 for more information. (5) Total principal amount of outstanding debt totaled $16,012 and $13,789 as of December 31, 2025 and 2024, respectively. (6) The fair value of these debt obligations would be categorized as Level 2 under ASC 820-10. 9. STOCKHOLDERS’ EQUITY The Company may from time to time issue and sell shares of its common stock through public or “at the market” offerings. During the year ended December 31, 2025, the Company issued and sold the following shares of common stock: Issuances of Common Stock Number of SharesIssued Gross Proceeds UnderwritingFees/Offering Expenses Net Proceeds Average OfferingPrice Per Share(1) “At the market” offerings 42.4 $ 937.2 $ 9.7 $ 927.5 $ 22.11 Total 42.4 $ 937.2 $ 9.7 $ 927.5 ________________________________________ (1) Represents the gross offering price per share before deducting underwriting discounts and commissions and offering expenses. During the year ended December 31, 2024, the Company issued and sold the following shares of common stock: Issuances of Common Stock Number of SharesIssued Gross Proceeds UnderwritingFees/OfferingExpenses Net Proceeds Average OfferingPrice Per Share(1) “At the market” offerings 65.2 $ 1,376.4 $ 13.7 $ 1,362.7 $ 21.12 Total 65.2 $ 1,376.4 $ 13.7 $ 1,362.7 ________________________________________ (1) Represents the gross offering price per share before deducting underwriting discounts and commissions and offering expenses. During the year ended December 31, 2023, the Company issued and sold the following shares of common stock: Issuances of Common Stock Number of SharesIssued Gross Proceeds UnderwritingFees/OfferingExpenses Net Proceeds Average OfferingPrice Per Share(1) Public offerings 12.1 $ 236.8 $ 13.4 $ 223.4 $ 19.61 (2) “At the market” offerings 48.4 941.6 10.7 930.9 $ 19.44 Total 60.5 $ 1,178.4 $ 24.1 $ 1,154.3 ________________________________________ (1) Represents the gross offering price per share before deducting underwriting discounts and commissions and offering expenses. (2) 12.1 of the shares were sold to the underwriters for a price of $18.53 per share, which the underwriters were then permitted to sell at variable prices to the public. “At the Market” Offerings The Company is party to equity distribution agreements with several banks (the “Equity Distribution Agreements”). The Equity Distribution Agreements provide that the Company may from time to time issue and sell, by means of “at the market” offerings, up to $1,500 of its common stock. Subject to the terms and conditions of the Equity Distribution Agreements, sales of common stock, if any, may be made in transactions that are deemed to be “at the market” offerings as F-197
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defined in Rule 415(a)(4) under the Securities Act of 1933, as amended. Under the Equity Distribution Agreements, common stock with an aggregate offering amount of $563 remained available for issuance as of December 31, 2025. Conversion of the 2024 Convertible Notes In March 2024, in connection with the repayment of the 2024 Convertible Notes, the Company issued approximately 20 shares of its common stock at a conversion price of $20.12 per share for a total value of $407. See Note 5 for more information relating to the repayment of the 2024 Convertible Notes. Dividend Reinvestment Plan See Note 12 for information regarding shares of common stock issued or purchased in accordance with the Company’s dividend reinvestment plan. Stock Repurchase Program The Company is authorized under its stock repurchase program to purchase up to $1,000 in the aggregate of its outstanding common stock in the open market at certain thresholds below its net asset value per share, in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The timing, manner, price and amount of any share repurchases will be determined by the Company, in its sole discretion, based upon an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. The stock repurchase program does not require the Company to repurchase any specific number of shares of common stock or any shares of common stock at all. Consequently, the Company cannot assure stockholders that any specific number of shares of common stock, if any, will be repurchased under the stock repurchase program. As of December 31, 2025, the expiration date of the stock repurchase program was February 15, 2026. The program may be suspended, extended, modified or discontinued at any time. As of December 31, 2025, there was $1,000 available for repurchases under the stock repurchase program. During the years ended December 31, 2025, 2024 and 2023, the Company did not repurchase any shares of the Company’s common stock under the stock repurchase program. See Note 16 for a subsequent event relating to the Company’s stock repurchase program. 10. EARNINGS PER SHARE The following information sets forth the computations of basic and diluted net increase in stockholders’ equity resulting from operations per share for the years ended December 31, 2025, 2024 and 2023: For the Year Ended December 31, 2025 2024 2023 Net increase in stockholders’ equity resulting from operations $ 1,299 $ 1,522 $ 1,522 Adjustment for interest expense on 2024 Convertible Notes(1) — — 17 Net increase in stockholders’ equity resulting from operations—diluted $ 1,299 $ 1,522 $ 1,539 Weighted average shares of common stock outstanding—basic and diluted 699 624 554 Assumed conversion of 2024 Convertible Notes(2) — — 21 Weighted average shares of common stock outstanding—diluted 699 624 575 Net increase in stockholders’ equity resulting from operations per share—basic $ 1.86 $ 2.44 $ 2.75 Net increase in stockholders’ equity resulting from operations per share—diluted $ 1.86 $ 2.44 $ 2.68 ________________________________________ (1) Includes the impact of the income based fee. (2) In March 2024, in connection with the repayment of the 2024 Convertible Notes, the Company issued approximately 20 shares of common stock. See Note 5 for more information relating to the repayment of the 2024 Convertible Notes. F-198
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11. INCOME AND EXCISE TAXES For U.S. federal income tax purposes, amounts distributed to the Company’s stockholders as dividends are reported as ordinary income, capital gains, or a combination thereof. Dividends paid per common share for the years ended December 31, 2025, 2024 and 2023 were taxable as follows (unaudited): For the Years Ended December 31, 2025 2024 2023 Ordinary income(1) $ 1.92 $ 1.92 $ 1.92 Capital gains — — — Total(2) $ 1.92 $ 1.92 $ 1.92 _______________________________________________________________________________ (1) For the years ended December 31, 2025, 2024 and 2023, ordinary income included dividend income of approximately $0.5635, $0.3137 and $0.0296 per share, respectively, that qualified to be taxed at the maximum capital gains rate and, in the case of certain eligible corporate stockholders, dividends that were eligible for the dividends received deduction. (2) For the years ended December 31, 2025, 2024 and 2023, the percentage of total dividends paid that constituted interest-related dividends were 85.1%, 88.6% and 80.5%, respectively. The following reconciles net increase in stockholders’ equity resulting from operations to taxable income for the years ended December 31, 2025, 2024 and 2023: For the Years Ended December 31, 2025 2024 2023 (Estimated)(1) Net increase in stockholders’ equity resulting from operations $ 1,299 $ 1,522 $ 1,522 Adjustments: Net realized gains (losses) on investments, foreign currency and other transactions 75 (136) (440) Income not currently taxable(2) (186) (203) (157) Income for tax but not book 361 233 60 Expenses not currently deductible 157 76 21 Realized gain/loss differences(3) (246) 17 60 Taxable income $ 1,460 $ 1,509 $ 1,066 _______________________________________________________________________________ (1) The calculation of estimated 2025 U.S. federal taxable income is based on certain estimated amounts, including information received from third parties and, as a result, actual 2025 U.S. federal taxable income will not be finally determined until the Company’s 2025 U.S. federal tax return is filed in 2026 (and, therefore, such estimate is subject to change). (2) Includes a reduction for dividend income from preferred equity that is not taxable until collected totaling $268, $257 and $198, respectively, net of dividend income collected of $149, $33 and $11, respectively, for the years ended December 31, 2025, 2024 and 2023, respectively. (3) Certain realized gain/loss differences are the result of the realization of certain tax only capital losses on the investments and liabilities acquired in the acquisition of Allied Capital Corporation in April 2010 (the “Allied Acquisition”). Because the Allied Acquisition was a “tax-free” reorganization under the Code, realized losses for tax purposes can differ from GAAP. Note that unlike the Allied Acquisition, the acquisition of American Capital, Ltd. in January 2017 was treated as a taxable purchase of the American Capital assets for purposes of the Company’s taxable income calculations; therefore, realized gains or losses for tax purposes are generally consistent with realized gains or losses under GAAP. F-199
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Taxable income generally differs from net increase in stockholders’ equity resulting from operations for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized. In addition, on April 1, 2010, the Company acquired Allied Capital Corporation in a “tax-free” merger under the Code, which has caused certain merger-related items to vary in their deductibility for GAAP and tax purposes. Capital losses in excess of capital gains earned in a tax year may generally be carried forward and used to offset capital gains, subject to certain limitations. As of December 31, 2025, the Company estimates that it will have a capital loss carryforward of approximately $278 available for use in later tax years. While the Company’s ability to utilize losses in the future depends on a variety of factors that cannot be known in advance, approximately $92 of the capital loss carryforwards will be subject to limitations under Section 382 of the Code. The unused balance will be carried forward and utilized as gains are realized, subject to such limitations. For the year ended December 31, 2025, the Company estimated U.S. federal taxable income exceeded its distributions made from such taxable income during the year; consequently, the Company has elected to carry forward the excess for distribution to stockholders in 2026. The amount carried forward to 2026 is estimated to be approximately $988, substantially all of which is expected to be ordinary income, although these amounts will not be finalized until the 2025 tax returns are filed in 2026. For the years ended December 31, 2024 and 2023, the Company had taxable income in excess of the distributions made from such taxable income during the year, and therefore, the Company elected to carry forward the excess for distribution to stockholders in 2025 and 2024, respectively. The amounts carried forward to 2025 and 2024 were $878 and $631, respectively. To the extent that the Company determines that its estimated current year annual taxable income will exceed its estimated current year dividends from such taxable income, the Company accrues excise tax on estimated excess taxable income. For the years ended December 31, 2025, 2024 and 2023, a net expense of $37, $35 and $23, respectively, was recorded for U.S. federal excise tax. The net expense for the years ended December 31, 2025 and 2024 each included a reduction in expense related to an expected refund request arising from the overpayment of the prior year’s excise tax of $2 and $1, respectively. As of December 31, 2025, the estimated cost basis of investments for U.S. federal tax purposes was $29.2 billion resulting in estimated gross unrealized gains and losses of $1.3 billion and $1.0 billion, respectively. As of December 31, 2024, the estimated cost basis of investments for U.S. federal tax purposes was $26.5 billion resulting in estimated gross unrealized gains and losses of $1.7 billion and $1.5 billion, respectively. As of December 31, 2025 and 2024, the cost of investments for U.S. federal tax purposes was less than the amortized cost of investments for book purposes of $29.3 billion and $26.4 billion, respectively. The Company may adjust the classification of stockholders’ equity as a result of permanent book-to-tax differences, which may include merger-related items, differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes (including excise taxes), among other items. These adjustments are reclassifications among the individual components of stockholders’ equity and have no effect on total stockholders’ equity. For the year ended December 31, 2025, the Company decreased capital in excess of par value by $158 and increased accumulated undistributed/ (overdistributed) earnings by $158 in the consolidated statement of stockholders’ equity. After adjusting for these reclassifications, the capital in excess of par value, accumulated undistributed net investment income, accumulated net realized losses and accumulated net unrealized gains were $13,359, $1,077, $(270) and $151, respectively. The adjustments made for the year ended December 31, 2025 are based on certain estimated amounts and assumptions and, as a result, such adjustments are subject to change until the Company’s 2025 U.S. federal tax return is filed in 2026. For the year ended December 31, 2024, the Company decreased capital in excess of par value by $87 and increased accumulated undistributed/(overdistributed) earnings by $87 in the consolidated statement of stockholders’ equity. After adjusting for these reclassifications, the capital in excess of par value, accumulated undistributed net investment income, accumulated net realized losses and accumulated net unrealized gains were $12,502, $921, $(316) and $247, respectively. Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state income taxes. For the years ended December 31, 2025, 2024 and 2023, the Company recorded a net tax expense (benefit) of approximately $121, $38 and $(3), respectively, for these subsidiaries. F-200
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12. DIVIDENDS AND DISTRIBUTIONS The following table summarizes the Company’s dividends declared and payable during the years ended December 31, 2025, 2024 and 2023: Date declared Record date Payment date Per shareamount Total amount October 28, 2025 December 15, 2025 December 30, 2025 $ 0.48 $ 344 July 29, 2025 September 15, 2025 September 30, 2025 0.48 342 April 29, 2025 June 13, 2025 June 30, 2025 0.48 337 February 5, 2025 March 14, 2025 March 31, 2025 0.48 328 Total dividends declared and payable for the yearended December 31, 2025 $ 1.92 $ 1,351 October 30, 2024 December 13, 2024 December 30, 2024 $ 0.48 $ 320 July 30, 2024 September 13, 2024 September 30, 2024 0.48 308 May 1, 2024 June 14, 2024 June 28, 2024 0.48 300 February 7, 2024 March 15, 2024 March 29, 2024 0.48 291 Total dividends declared and payable for the yearended December 31, 2024 $ 1.92 $ 1,219 October 24, 2023 December 15, 2023 December 28, 2023 $ 0.48 $ 280 July 25, 2023 September 15, 2023 September 29, 2023 0.48 271 April 25, 2023 June 15, 2023 June 30, 2023 0.48 266 February 7, 2023 March 15, 2023 March 31, 2023 0.48 261 Total dividends declared and payable for the yearended December 31, 2023 $ 1.92 $ 1,078 The Company has a dividend reinvestment plan, whereby the Company may buy shares of its common stock in the open market or issue new shares in order to satisfy dividend reinvestment requests. When the Company issues new shares in connection with the dividend reinvestment plan, the issue price is equal to the closing price of its common stock on the dividend payment date. Dividend reinvestment plan activity for the years ended December 31, 2025, 2024 and 2023, was as follows: For the Years Ended December 31, 2025 2024 2023 Shares issued 4.2 3.8 2.5 Average issue price per share $ 21.10 $ 21.09 $ 19.48 Shares purchased by plan agent to satisfy dividends declared and payableduring the period for stockholders — — (1) 0.8 Average purchase price per share $ — $ — $ 18.35 13. RELATED PARTY TRANSACTIONS In accordance with the investment advisory and management agreement, the Company bears all costs and expenses of the operation of the Company and reimburses its investment adviser or its affiliates for certain of such costs and expenses paid for by the investment adviser or its affiliates on behalf of the Company. For the years ended December 31, 2025, 2024 and 2023, the Company’s investment adviser or its affiliates incurred and the Company reimbursed such expenses totaling $6, $10 and $9, respectively. The Company has entered into agreements with Ares Management LLC and IHAM, pursuant to which Ares Management LLC and IHAM are entitled to use the Company’s proprietary portfolio management software. For the years ended December 31, 2025, 2024 and 2023, amounts payable to the Company under these agreements totaled $0, $0 and $0, respectively. F-201
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Ares Management Capital Markets LLC (“AMCM”), an affiliate of Ares Management, served as a co-manager and an underwriter in connection with the Company’s offerings of certain of the Unsecured Notes issued during the year ended December 31, 2025. Under the purchase agreements the Company entered into in connection with such issuances, AMCM received an aggregate of $0.7 of underwriting and advisory fees for the year ended December 31, 2025. The underwriting and advisory fees AMCM received were on terms equivalent to those of other underwriters. See Notes 3, 4 and 5 for descriptions of other related party transactions. F-202
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14. FINANCIAL HIGHLIGHTS The following is a schedule of financial highlights as of and for the years ended December 31, 2025, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017 and 2016: As of and For the Years Ended December 31, Per Share Data: 2025 2024 2023 2022 2021 Net asset value at beginning of period(1) $ 19.89 $ 19.24 $ 18.40 $ 18.96 $ 16.97 Issuances of common stock 0.11 0.12 0.01 0.10 0.11 Conversion of 2024 Convertible Notes — 0.01 — — — Repurchases of common stock — — — — — Net investment income for period(2) 2.02 2.30 2.27 2.19 1.66 Net realized and unrealized gains (losses) for period(2) (0.16) 0.14 0.48 (0.98) 1.84 Net increase in stockholders' equity resulting fromoperations 1.97 2.57 2.76 1.31 3.61 Total distributions to stockholders (1.92) (1.92) (1.92) (1.87) (1.62) Net asset value at end of period(1) $ 19.94 $ 19.89 $ 19.24 $ 18.40 $ 18.96 Per share market value at end of period $ 20.23 $ 21.89 $ 20.03 $ 18.47 $ 21.19 Total return based on market value(3) 1.12 % 19.80 % 19.94 % (3.83)% 36.18 % Total return based on net asset value(4) 10.27 % 13.83 % 15.65 % 7.13 % 21.97 % Shares outstanding at end of period 718 672 582 519 468 Ratio/Supplemental Data: Net assets at end of period $ 14,318 $ 13,355 $ 11,201 $ 9,555 $ 8,868 Ratio of operating expenses to average net assets(5)(6) 11.43 % 12.26 % 12.78 % 10.19 % 13.05 % Ratio of net investment income to average net assets(5)(7) 10.24 % 11.64 % 12.10 % 11.73 % 9.19 % Portfolio turnover rate(5) 41 % 39 % 26 % 37 % 60 % As of and For the Years Ended December 31, Per Share Data: 2020 2019 2018 2017 2016 Net asset value at beginning of period(1) $ 17.32 $ 17.12 $ 16.65 $ 16.45 $ 16.46 Issuances of common stock — 0.02 — (0.01) — Conversion of 2024 Convertible Notes — — — — — Repurchases of common stock 0.11 — — — — Net investment income for period(2) 1.87 1.90 1.63 1.20 1.57 Net realized and unrealized gains (losses) for period(2) (0.73) (0.04) 0.38 0.36 (0.06) Net increase in stockholders' equity resulting fromoperations 1.25 1.88 2.01 1.72 1.51 Total distributions to stockholders (1.60) (1.68) (1.54) (1.52) (1.52) Net asset value at end of period(1) $ 16.97 $ 17.32 $ 17.12 $ 16.65 $ 16.45 Per share market value at end of period $ 16.89 $ 18.65 $ 15.58 $ 15.72 $ 16.49 Total return based on market value(3) (0.86)% 30.49 % 8.91 % 4.55 % 26.39 % Total return based on net asset value(4) 5.20 % 12.14 % 12.10 % 10.53 % 9.15 % Shares outstanding at end of period 423 431 426 426 314 Ratio/Supplemental Data: Net assets at end of period $ 7,176 $ 7,467 $ 7,300 $ 7,098 $ 5,165 Ratio of operating expenses to average net assets(5)(6) 10.27 % 9.92 % 8.63 % 9.45 % 9.59 % Ratio of net investment income to average net assets(5)(7) 11.39 % 11.01 % 9.60 % 7.65 % 9.58 % Portfolio turnover rate(5) 40 % 38 % 54 % 51 % 39 % F-203
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_________________________________________________________________________________ (1) The net assets used equals the total stockholders’ equity on the consolidated balance sheet. (2) Weighted average basic per share data. (3) For the year ended December 31, 2025, the total return based on market value equaled the decrease of the ending market value at December 31, 2025 of $20.23 per share from the ending market value at December 31, 2024 of $21.89 per share plus the declared and payable dividends of $1.92 per share for the year ended December 31, 2025, divided by the market value at December 31, 2024. For the year ended December 31, 2024, the total return based on market value equaled the increase of the ending market value at December 31, 2024 of $21.89 per share from the ending market value at December 31, 2023 of $20.03 per share plus the declared and payable dividends of $1.92 per share for the year ended December 31, 2024, divided by the market value at December 31, 2023. For the year ended December 31, 2023, the total return based on market value equaled the increase of the ending market value at December 31, 2023 of $20.03 per share from the ending market value at December 31, 2022 of $18.47 per share plus the declared and payable dividends of $1.92 per share for the year ended December 31, 2023, divided by the market value at December 31, 2022. For the year ended December 31, 2022, the total return based on market value equaled the decrease of the ending market value at December 31, 2022 of $18.47 per share from the ending market value at December 31, 2021 of $21.19 per share plus the declared and payable dividends of $1.87 per share for the year ended December 31, 2022, divided by the market value at December 31, 2021. For the year ended December 31, 2021, the total return based on market value equaled the increase of the ending market value at December 31, 2021 of $21.19 per share from the ending market value at December 31, 2020 of $16.89 per share plus the declared and payable dividends of $1.62 per share for the year ended December 31, 2021, divided by the market value at December 31, 2020. For the year ended December 31, 2020, the total return based on market value equaled the decrease of the ending market value at December 31, 2020 of $16.89 per share from the ending market value at December 31, 2019 of $18.65 per share plus the declared and payable dividends of $1.60 per share for the year ended December 31, 2020, divided by the market value at December 31, 2019. For the year ended December 31, 2019, the total return based on market value equaled the increase of the ending market value at December 31, 2019 of $18.65 per share from the ending market value at December 31, 2018 of $15.58 per share plus the declared and payable dividends of $1.68 per share for the year ended December 31, 2019, divided by the market value at December 31, 2018. For the year ended December 31, 2018, the total return based on market value equaled the decrease of the ending market value at December 31, 2018 of $15.58 per share from the ending market value at December 31, 2017 of $15.72 per share plus the declared and payable dividends of $1.54 per share for the year ended December 31, 2018, divided by the market value at December 31, 2017. For the year ended December 31, 2017, the total return based on market value equaled the decrease of the ending market value at December 31, 2017 of $15.72 per share from the ending market value at December 31, 2016 of $16.49 per share plus the declared and payable dividends of $1.52 per share for the year ended December 31, 2017, divided by the market value at December 31, 2016. For the year ended December 31, 2016, the total return based on market value equaled the increase of the ending market value at December 31, 2016 of $16.49 per share from the ending market value at December 31, 2015 of $14.25 per share plus the declared and payable dividends of $1.52 per share for the year ended December 31, 2016, divided by the market value at December 31, 2015. The Company’s performance changes over time and currently may be different than that shown. Past performance is no guarantee of future results. (4) For the year ended December 31, 2025, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $1.92 per share for the year ended December 31, 2025, divided by the beginning net asset value for the period. For the year ended December 31, 2024, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $1.92 per share for the year ended December 31, 2024, divided by the beginning net asset value for the period. For the year ended December 31, 2023, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $1.92 per share for the year ended December 31, 2023, divided by the beginning net asset value for the period. For the year ended December 31, 2022, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $1.87 per share for the year ended December 31, 2022, divided by the beginning net asset value for the period. For the year ended December 31, 2021, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $1.62 per share for the year ended December 31, 2021, divided by the beginning net asset value for the period. For the year ended December 31, 2020, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $1.60 per share for the year ended December 31, 2020, divided by the beginning net asset value for the period. For the year ended December 31, 2019, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $1.68 per share for the year ended December 31, 2019, divided by F-204
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the beginning net asset value for the period. For the year ended December 31, 2018, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $1.54 per share for the year ended December 31, 2018, divided by the beginning net asset value for the period. For the year ended December 31, 2017, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $1.52 per share for the year ended December 31, 2017, divided by the beginning net asset value for the period. These calculations are adjusted for shares issued in connection with the dividend reinvestment plan, the issuance of common stock in connection with any equity offerings and the equity components of any convertible notes issued during the period. For the year ended December 31, 2016, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $1.52 per share for the year ended December 31, 2016, divided by the beginning net asset value for the period. The Company’s performance changes over time and currently may be different than that shown. Past performance is no guarantee of future results. (5) The ratios reflect an annualized amount. (6) For the years ended December 31, 2025, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017 and 2016, the ratio of operating expenses to average net assets consisted of the following: For the Years Ended December 31, 2025 2024 2023 2022 2021 Base management fee 3.05 % 3.03 % 3.11 % 3.27 % 3.14 % Income based fee and capital gains incentivefee, net of the fee waiver 2.33 % 3.08 % 3.66 % 1.61 % 4.80 % Income based fee and capital gains incentivefee, excluding the fee waiver 2.33 % 3.08 % 3.66 % 1.61 % 4.80 % Interest and credit facility fees 5.69 % 5.79 % 5.60 % 4.89 % 4.61 % Other operating expenses 0.36 % 0.36 % 0.41 % 0.42 % 0.50 % For the Years Ended December 31, 2020 2019 2018 2017 2016 Base management fee 3.10 % 2.78 % 2.49 % 2.57 % 2.64 % Income based fee and capital gains incentivefee, net of the fee waiver 1.80 % 2.23 % 2.24 % 2.18 % 2.29 % Income based fee and capital gains incentivefee, excluding the fee waiver 1.80 % 2.64 % 2.79 % 2.32 % 2.29 % Interest and credit facility fees 4.54 % 3.94 % 3.33 % 3.37 % 3.58 % Other operating expenses 0.83 % 0.97 % 0.57 % 1.33 % 1.08 % (7) The ratio of net investment income to average net assets excludes income taxes related to realized gains and losses. 15. SEGMENT REPORTING The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The chief operating decision maker (“CODM”) is comprised of the Company’s chief executive officer, president, chief financial officer and chief operating officer and the CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in stockholders’ equity resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s stockholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations. 16. SUBSEQUENT EVENTS The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require F-205
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disclosure in this Form 10-K or would be required to be recognized in the consolidated financial statements as of and for the year ended December 31, 2025, except as discussed below. In January 2026, the Company issued $750 in aggregate principal amount of unsecured notes, which bear interest at a rate of 5.250% per annum and mature on April 12, 2031 (the “April 2031 Notes”). The April 2031 Notes pay interest semi-annually and all principal is due upon maturity. The April 2031 Notes may be redeemed in whole or in part at any time at the Company’s option at a redemption price equal to par plus a “make whole” premium, if applicable, as determined pursuant to the indenture governing the April 2031 Notes, and any accrued and unpaid interest. The April 2031 Notes were issued at a discount to the principal amount. In connection with the April 2031 Notes, the Company entered into an interest rate swap for a total notional amount of $750 that matures on April 12, 2031. Under the interest rate swap, the Company will receive a fixed interest rate of 5.250% and pay a floating interest rate based on one-month SOFR plus 1.7217%. In January 2026, the Company repaid in full the January 2026 Notes upon their maturity, which bore interest at a rate of 3.875% per annum. In February 2026, the Company’s board of directors authorized an amendment to the Company’s existing stock repurchase program to extend the expiration date of the program from February 15, 2026 to February 15, 2027. Under the program, the Company may repurchase up to $1,000 in the aggregate of its outstanding common stock in the open market at a price per share that meets certain thresholds below its net asset value per share, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act. The timing, manner, price and amount of any share repurchases will be determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. F-206
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SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. ARES CAPITAL CORPORATION By: /s/ M. KORT SCHNABEL M. Kort SchnabelChief Executive Officer Date: February 4, 2026 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ M. KORT SCHNABEL M. Kort SchnabelChief Executive Officer (principal executive officer) Date: February 4, 2026 By: /s/ SCOTT C. LEM Scott C. LemChief Financial Officer (principal financial officer) Date: February 4, 2026 By: /s/ PAUL CHO Paul ChoChief Accounting Officer (principal accounting officer) Date: February 4, 2026 By: /s/ MICHAEL J AROUGHETI Michael J AroughetiDirector Date: February 4, 2026 By: /s/ ANN TORRE BATES Ann Torre BatesDirector Date: February 4, 2026 By: /s/ R. KIPP DEVEER R. Kipp deVeerDirector Date: February 4, 2026 By: /s/ MITCHELL GOLDSTEIN Mitchell GoldsteinDirector Date: February 4, 2026
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By: /s/ MARY BETH HENSON Mary Beth HensonDirector Date: February 4, 2026 By: /s/ DANIEL KELLY, JR. Daniel Kelly, Jr.Director Date: February 4, 2026 By: /s/ STEVEN B. MCKEEVER Steven B. McKeeverDirector Date: February 4, 2026 By: /s/ MICHAEL PARKS Michael ParksDirector Date: February 4, 2026 By: /s/ ERIC B. SIEGEL Eric B. SiegelDirector Date: February 4, 2026 By: /s/ MICHAEL SMITH Michael SmithDirector Date: February 4, 2026
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Exhibit 21.1 SUBSIDIARIES OF ARES CAPITAL CORPORATION Name Jurisdiction ACAS, LLC DELAWARE ALLIED CRESCENT EQUITY, LLC DELAWARE ARCC APEX SPV, LLC DELAWARE ARCC API CORP. DELAWARE ARCC BEACON LLC DELAWARE ARCC BLOCKER CORP. DELAWARE ARCC BLOCKER II LLC DELAWARE ARCC BLOCKER IV LLC DELAWARE ARCC BLOCKER V LLC DELAWARE ARCC BLOCKER VI LLC DELAWARE ARCC BLOCKER VII LLC DELAWARE ARCC BLOCKER VIII LLC DELAWARE ARCC ED CORP. DELAWARE ARCC FB FUNDING LLC DELAWARE ARCC FD CORP. DELAWARE ARCC FGP LLC DELAWARE ARCC FIN LLC DELAWARE ARCC GG HOLDINGS LLC DELAWARE ARCC GREEN ENERGY PARTNERS BLOCKER LLC DELAWARE ARCC HEELSTONE LLC DELAWARE ARCC KPS CORP. DELAWARE ARCC LSQ LLC DELAWARE ARCC MBU HOLDINGS LLC DELAWARE ARCC MH LLC DELAWARE ARCC NV1 CORP. DELAWARE ARCC NV2 CORP. DELAWARE ARCC OTG CORP. DELAWARE ARCC OTG PREFERRED CORP. DELAWARE ARCC PCGI III AIV BLOCKER, INC. DELAWARE ARCC PCP GP, LLC DELAWARE ARCC PCP L.P. CAYMAN ISLANDS ARCC PH CORP. DELAWARE ARCC PJMB LLC DELAWARE ARCC RB LLC DELAWARE ARCC RT LLC DELAWARE ARCC S2 LLC (F/K/A AC POSTLE, LLC) DELAWARE ARCC SHC LLC DELAWARE ARCC SK BLOCKER CORP. DELAWARE ARCC TM CORP. DELAWARE ARCC ULTIMUS LLC DELAWARE ARCC UNIVERSAL CORP. DELAWARE ARES CAPITAL CP FUNDING HOLDINGS LLC DELAWARE ARES CAPITAL CP FUNDING LLC DELAWARE ARES CAPITAL JB FUNDING LLC DELAWARE ARES DIRECT LENDING CLO 1 LLC DELAWARE ARES DIRECT LENDING CLO 4 LLC DELAWARE ARES DIRECT LENDING CLO 7 LLC DELAWARE ASCLEPIUS HOLDINGS LLC DELAWARE ASCLEPIUS INTERMEDIATE HOLDINGS LLC DELAWARE BW LANDCO LLC DELAWARE EUROPEAN CAPITAL LIMITED GUERNSEY GEDC EQUITY, LLC DELAWARE HCI EQUITY, LLC ILLINOIS
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IVY HILL ASSET MANAGEMENT GP, LLC DELAWARE MULTIAD EQUITY CORP. DELAWARE POTOMAC ENERGY CENTER, LLC VIRGINIA POTOMAC INTERMEDIATE HOLDINGS II LLC DELAWARE POTOMAC INTERMEDIATE HOLDINGS III LLC DELAWARE S2 EQUITY CORP. DELAWARE STARTEC EQUITY, LLC DELAWARE SVP HOLDINGS GP LLC DELAWARE In addition, we may be deemed to control certain portfolio companies identified as “Affiliated” companies that we “Control” in footnote 5 to the Consolidated Schedule of Investments as of December 31, 2025 included in the Financial Statements portion of Ares Capital Corporation’s Form 10-K for the year ended December 31, 2025.
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Exhibit 23.1 Consent of Independent Registered Public Accounting Firm We consent to the incorporation by reference in the registration statement (No. 333-279023) on Form N-2 of our reports dated February 4, 2026, with respect to the consolidated financial statements of Ares Capital Corporation and the effectiveness of internal control over financial reporting and our report dated February 4, 2026 on the senior securities table attached as an exhibit to the Form 10-K. /s/ KPMG LLP Los Angeles, California February 4, 2026
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Exhibit 31.1 Certification of Chief Executive Officer of Periodic Report Pursuant to Exchange Act Rule 13a-14(a) and Rule 15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 I, M. Kort Schnabel, certify that: 1. I have reviewed this Annual Report on Form 10-K of Ares Capital Corporation; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. Date: February 4, 2026 /s/ M. KORT SCHNABEL M. Kort SchnabelChief Executive Officer (principal executive officer)
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Exhibit 31.2 Certification of Chief Financial Officer of Periodic Report Pursuant to Exchange Act Rule 13a-14(a) and Rule 15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 I, Scott C. Lem, certify that: 1. I have reviewed this Annual Report on Form 10-K of Ares Capital Corporation; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. Date: February 4, 2026 /s/ SCOTT C. LEM Scott C. LemChief Financial Officer and Treasurer (principal financial officer)
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Exhibit 32.1 Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 In connection with the Annual Report on Form 10-K of Ares Capital Corporation (the “Company”) for the year ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), M. Kort Schnabel, as Chief Executive Officer of the Company, and Scott C. Lem, as Chief Financial Officer and Treasurer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge: 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. Date: February 4, 2026 /s/ M. KORT SCHNABEL M. Kort SchnabelChief Executive Officer (principal executive officer) Date: February 4, 2026 /s/ SCOTT C. LEM Scott C. LemChief Financial Officer and Treasurer (principal financial officer) A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Ares Capital Corporation and will be retained by Ares Capital Corporation and furnished to the Securities and Exchange Commission or its staff upon request.
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Exhibit 99.1 Report of Independent Registered Public Accounting Firm on Supplemental Information To the Stockholders and Board of Directors Ares Capital Corporation: We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (the PCAOB), the consolidated financial statements of Ares Capital Corporation and subsidiaries (the Company) as of December 31, 2025 and 2024, and for each of the years in the three-year period ended December 31, 2025, and our report dated February 4, 2026 expressed an unqualified opinion on those consolidated financial statements. We have also previously audited, in accordance with the standards of the PCAOB, the consolidated balance sheets of the Company, including the consolidated schedules of investments, as of December 31, 2023, 2022 and 2021, and the related consolidated statements of operations, stockholders’ equity, and cash flows for the years ended December 31, 2022 and 2021 (none of which is presented herein), and we expressed unqualified opinions on those consolidated financial statements. The senior securities information included in Part II, Item 5 of the Annual Report on Form 10-K of the Company as of December 31, 2025, under the caption “Senior Securities” (the Senior Securities Table), has been subjected to audit procedures performed in conjunction with the audit of the Company’s respective consolidated financial statements. The Senior Securities Table is the responsibility of the Company’s management. Our audit procedures included determining whether the Senior Securities Table reconciles to the respective consolidated financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the Senior Securities Table. In forming our opinion on the Senior Securities Table, we evaluated whether the Senior Securities Table, including its form and content, is presented in conformity with the instructions to Form N-2. In our opinion, the Senior Securities Table is fairly stated, in all material respects, in relation to the respective consolidated financial statements as a whole. /s/ KPMG LLP Los Angeles, California February 4, 2026
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Exhibit 99.2 SENIOR DIRECT LENDING PROGRAM, LLC CONDENSED SCHEDULE OF INVESTMENTS As of December 31, 2025 (dollar amounts in millions) Investments Percentage of Members'Capital Fair Value(1) First Lien Senior Secured Loans United States Capital Goods EIS Legacy Holdco, LLC, $285.8 par value, due 11/2031, 8.39% (SOFR+ 4.50%) 27.1 % $ 285.8 Harvey Tool Company, LLC, $240.2 par value, due 10/2027, 8.47%(SOFR + 4.75%) 22.7 239.0 Arrowhead Holdco Company, $288.1 par value, due 08/2028, 6.33%(SOFR +2.50%) 21.6 227.5 Ground Penetrating Radar Systems, LLC, $186.9 par value, due 01/2032,8.17% (SOFR + 4.50%) 17.7 186.9 Other 4.6 48.9 Commercial and Professional Services Valcourt Holdings II, LLC, $342.9 par value, due 11/2029, 9.01% (SOFR+ 5.00%) 32.5 342.9 ISQ Hawkeye Holdco, Inc., $309.0 par value, due 08/2031, 8.43%(SOFR + 4.68%) 29.3 309.0 Pritchard Industries, LLC, $240.2 par value, due 10/2027, 9.57% (SOFR+ 5.75%) 21.2 223.4 Other 2.0 20.6 Consumer Distribution and Retail FS Squared Holding Corp., $413.2 par value, due 12/2030, 8.47%(SOFR +4.75%) 39.2 413.2 Midco Holding, LLC and Nivel Topco, LLC, $91.7 par value, due11/2029, 11.36% (SOFR +7.50%) 8.7 91.7 Other 1.0 10.5 Health Care Equipment and Services NMN Holdings III Corp, $226.6 par value, due 07/2031, 8.22% (SOFR +4.50%) 21.5 226.6 Surescripts, LLC, $111.7 par value, due 11/2031, 8.67% (SOFR +5.00%) 10.6 111.7 Other 1.1 11.3 Household and Personal Products Walnut Parent, Inc., $365.8 par value, due 11/2027, 9.53% (SOFR +5.75%) 32.3 340.1 Consumer Services Triwizard Holdings, Inc., $266.4 par value, due 06/2029, 8.74% (SOFR+ 5.00%) 25.3 266.4 Other 3.0 31.5 Food and Beverage Manna Pro Products, LLC, $268.7 par value, due 12/2029, 6.80% (SOFR+ 3.00%) 20.1 212.2 Other 2.4 25.3 Financial Services Tiger Holdco LLC, $139.7 par value, due 03/2031, 7.98% (SOFR +4.25%) 13.2 139.7 Other 2.2 23.7 Insurance
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Investments Percentage of Members'Capital Fair Value(1) THG Acquisition, LLC, $129.7 par value, due 10/2031, 8.47% (SOFR +4.75%) 12.3 129.7 Materials SePro Holdings, LLC, $117.1 par value, due 07/2030, 8.97% (SOFR +5.25%) 11.1 117.1 Other 0.5 5.6 Software and Services Other 5.1 53.4 Consumer Durables and Apparel Other 0.8 8.2 Sports, Media and Entertainment Other 0.5 5.6 Total United States (Cost $4,257.1) 389.6 4,107.5 Canada Financial Services Other 1.2 12.9 Total Canada (Cost $12.9) 1.2 12.9 Europe Software and Services Other 1.1 11.8 Total Europe (Cost $11.9) 1.1 11.8 Total First Lien Senior Secured Loans (Cost $4,281.9) 391.9 % $ 4,132.2 Preferred Equity United States Consumer Distribution and Retail Midco Holding, LLC and Nivel Topco, LLC, 59,596,577 units(2) 2.5 26.8 Total United States (Cost $23.1) 2.5 26.8 Total Preferred Equity (Cost $23.1) 2.5 % $ 26.8 Common Equity United States Consumer Distribution and Retail Midco Holding, LLC and Nivel Topco, LLC, 45,843,521 units(2) — — Food and Beverage Manna Pro Products, LLC, 37,569 units(2) — — Total United States (Cost $0) — — Total Common Equity (Cost $0) — % $ — Total Investments (Cost $4,305.0) 394.4 % $ 4,159.0 ____________________________________________________________________________ (1) Represents the fair value in accordance with Accounting Standards Codification 820-10, Fair Value Measurements and Disclosures. The determination of such fair value is not included in the valuation process described elsewhere in Ares Capital’s Annual Report on Form 10-K for the year ended December 31, 2025. (2) This investment, when aggregated with other investments of a related issuer, exceeds 5% of net assets.
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SENIOR DIRECT LENDING PROGRAM, LLC CONDENSED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Investments Percentage of Members'Capital Fair Value(1) First Lien Senior Secured Loans United States Capital Goods Qnnect, LLC, $275.6 par value, due 11/2029, 10.3% (SOFR + 5.25%) 23.8 % $ 275.6 Harvey Tool Company, LLC, $268.1 par value, due 10/2027, 9.6%(SOFR + 5.25%) 23.2 268.1 Arrowhead Holdco Company, $279.6 par value, due 08/2028, 9.9%(SOFR + 5.25%) 20.3 234.9 EIS Legacy Holdco, LLC, $220.5 par value, due 11/2031, 9.3% (SOFR +4.75%) 18.9 218.3 Other 2.8 32.9 Consumer Services HGC Holdings, LLC, $400.1 par value, due 06/2026, 9.9% (SOFR +5.45%) 34.6 400.1 Concert Golf Partners Holdco LLC, $286.2 par value, due 04/2030, 9.1%(SOFR +4.75%) 24.7 286.2 Triwizard Holdings, Inc., $247.9 par value, due 06/2029, 9.7% (SOFR+5.25%) 21.4 247.9 Commercial and Professional Services Valcourt Holdings II, LLC, $325.9 par value, due 11/2029, 10.4% (SOFR+ 5.75%) 28.2 325.9 ISQ Hawkeye Holdco, Inc., $312.2 par value, due 08/2031, 9.1% (SOFR+4.75%) 27.0 312.2 Pritchard Industries, LLC, $242.7 par value, due 10/2027, 10.3% (SOFR+5.75%) 20.6 238.3 Household and Personal Products Walnut Parent, Inc., $367.3 par value, due 11/2027, 10.0% (SOFR+5.50%) 30.8 356.3 Health Care Equipment and Services NMN Holdings III Corp ($228.9 par value, due 07/2031, 8.9% (SOFR+4.50%) 19.6 226.6 Surescripts, LLC ($112.5 par value, due 11/2031, 8.3% (SOFR + 4.00%) 9.6 111.4 Consumer Distribution and Retail FS Squared Holding Corp., $250.8 par value, due 12/2030, 9.1% (SOFR+ 4.75%) 21.3 246.4 North Haven Falcon Buyer, LLC, $237.3 par value, due 05/2027(2) 13.3 154.3 Food and Beverage Manna Pro Products, LLC, $264.8 par value, due 12/2026, 10.5% (SOFR+ 6.00%) 18.8 217.1 Insurance THG Acquisition, LLC ($122.7 par value, due 10/2031, 9.1% (SOFR +4.75%) 10.5 121.4 Materials SePro Holdings, LLC ($118.3 par value, due 07/2030, 9.6% (SOFR +5.25%) 10.0 115.9 Total United States (Cost $4,590.9) 379.4 4,389.8
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Investments Percentage of Members'Capital Fair Value(1) Total First Lien Senior Secured Loans (Cost $4,590.9) 379.4 % $ 4,389.8 Total Investments (Cost $4,590.9) 379.4 % $ 4,389.8 ____________________________________________________________________________ (1) Represents the fair value in accordance with Accounting Standards Codification 820-10, Fair Value Measurements and Disclosures. The determination of such fair value is not included in the valuation process described elsewhere in Ares Capital’s Annual Report on Form 10-K for the year ended December 31, 2025. (2) Loan was on non-accrual status as of December 31, 2024.